Picwell Launches Health Savings Account for Its Benefits Decision Support Tool

Last month, Philadelphia-based healthcare benefits recommendation platform Picwell announced the launch of a Health Savings Account (HSA) solution for its benefits decision support tool. Now Picwell’s decision support tool can show a consumer their potential tax savings and future investment potential should they use an HSA account, thereby providing a more comprehensive benefits recommendation to address their personal health and wealth needs, both in the short and long term.

Let’s Back Up

Established in 2012, the company set out to offer a predictive decision support engine that will allow consumers to make better health plan choices and simultaneously help businesses and employers that offer these plans.

Fast Forward

It has since picked up $11m in funding, the support of Aflac Corporate Ventures, MassMutual Ventures and BlueCross BlueShield Venture Partners (to name its insurer-backed VCs), and a clean new look.

“Decisions about health care and HSAs can’t be made in vacuum. Picwell’s latest HSA offering allows consumers to evaluate these important decisions in a broader financial planning context. Picwell analytically predicts the plan selection and HSA contribution level that is best for each individual. The entire process takes less than five minutes and consumers are provided results in the form of a ranked numerical score, thereby simplifying what would traditionally be a complex process riddled with opportunities for error. In addition to improving our health decision support, we’re excited to partner with myFinancialAnswers to explore additional decision support features beyond medical coverage. We believe consumers need access to a comprehensive recommendation for all their benefits decisions. Making sound, scientifically-based choices is a win for consumers as well as brokers, carriers, benefit enrollment platforms, and employers.” – Picwell CEO, Matthew Sydney.

Bottom Line: Picwell’s tools – used to predict, prescribe and personalize benefits recommendation – are currently used by 150 partners.