Tango Health Selects OptumHealth Bank to Manage Health Savings Accounts for Its Customers

OptumHealth Bank’s Online Enrollment Process and Tango Health’s Education and Communication Tools Make It Easier for Employees to Open Health Savings Accounts

NASHVILLE, Tenn.--(BUSINESS WIRE)-- Today at the Benefits Selling Expo, Tango Health, Inc. announced it will add health savings account (HSA) management services from OptumHealth Bank, Member FDIC, to its suite of health benefit services.

OptumHealth Bank is the one of the largest national banks dedicated to health care with more than 600,000 HSAs and more than $1 billion in deposits. Tango Health users can now open HSAs with OptumHealth Bank through a simplified online process. Combining easier enrollment with Tango Health’s education and communication tools will help employers maximize HSA participation among their employee populations.

“Tango Health provides employers and employees with the knowledge and tools to recover billions of dollars in tax advantages that HSAs can deliver,” said Duncan Van Dusen, co-founder and CEO of Tango Health. “Now we also offer simple and convenient account set-up and the depth of experience of a leading HSA custodian in OptumHealth Bank.”

Tango Health helps employers and their employees increase HSA usage and related tax savings. For example, people can register major credit cards for automated identification of HSA-qualified expenses, upload health-related receipts from a camera or mobile phone, and archive them on the Tango Health website for tax record-keeping throughout the life of their HSA. A “sweep” feature makes expense and HSA account management simple by automating pre-tax contributions and tax-advantaged HSA withdrawals based on an employee’s actual health care expenses.

“Helping people learn about, use and maximize HSA tax savings is important as more people get health care coverage from HSA-eligible health plans,” said Chad Wilkins, CEO, OptumHealth Financial Services. “Tango Health’s tools help individuals identify HSA-qualified expenses, and OptumHealth Bank HSAs provide convenient, easy-to-use accounts. By jointly offering our solutions to Tango members we simplify how they use their HSAs.”

According to America’s Health Insurance Plans (AHIP), about 10 million Americans were covered by HSA-eligible health plans at the beginning of 2010. Many who qualify do not open HSAs or take full advantage of the potential tax savings.

About Tango Health

Tango Health®, Inc. provides innovative web-based services to support consumer-directed health care. The company’s web-based Health Savings Account (HSA) management platform helps employers and employees save health insurance premiums and reclaim the $4 billion annually lost to payroll and income taxes due to HSA under-use. Tango Health partners with financial institutions, benefits brokers, consultants and carriers to strategically enhance their offerings for both employers and employees. For more information, visit www.tangohealth.com.

About OptumHealth

OptumHealth helps individuals navigate the health care system, finance their health care needs and achieve their health and well-being goals. The company's personalized health advocacy and engagement programs tap a unique combination of capabilities that encompass public sector solutions, care solutions, behavioral solutions, collaborative care, and financial services. Serving nearly 60 million people, OptumHealth is one of the nation’s largest health and wellness businesses, and is a UnitedHealth Group (NYSE: UNH) company. More information about OptumHealth can be found at OptumHealth.com.

Tango Health is a registered trademark of Tango Health, Inc. All other names may be trademarks or registered trademarks of their respective owners.

For Tango HealthHeidi Johnson, 512-493-0909
heidi.johnson@virtualprdirector.com

Source: Tango Health, Inc.