Businessolver Introduces Stand-Alone Consumer Accounts Administration Platform to Bring more Financial Stability and Benefits Engagement to Market

Yahoo

20-05-2025

DENVER, COLORADO, May 20, 2025 (GLOBE NEWSWIRE) -- Businessolver®, the market-leader in SaaS-based HR and benefits technology, announced at its annual Vision conference in May that it is launching MyChoice Accounts, its consumer-directed healthcare account platform, as a standalone solution, giving employers nationwide access to a modern, flexible technology for managing health and benefit accounts. Previously available exclusively to organizations using Businessolver's benefits administration solution, MyChoice Accounts offers an intuitive, mobile-friendly approach to manage key accounts such as HSAs, FSAs and HRAs alongside industry leading service and support.
'When we built our MyChoice Accounts solution five years ago leveraging industry experts with more than 225+ years of experience, it was to create an AI-driven, flexible solution that would grow with employers as consumer expectations changed,' said Rae Shanahan, Chief Strategy Officer. 'Finding a recently developed accounts technology in the space is hard to come by, meaning most employers are stuck with legacy options that do not have the flexibility to truly innovate. We are excited to bring a new technology and administration option to all employers, regardless of where they administer their benefits today.'
Additionally, Businessolver is also excited to launch new features to its Health Savings Account experience that puts more savings power in employees' hands. Set to launch this summer, individuals with a MyChoice Accounts HSA will have a new option to set aside funds within a Spend, Save, Invest model. Alongside a modern lineup of exchange-traded funds (ETFs), MyChoice Accounts will introduce a "Save" category, allowing members to grow their savings through a money market account. This feature encourages members to set shorter-term financial goals with higher interest savings options, beyond the traditional investment options for retirement
This innovation is in immediate response to the data from Businessolver's platform detailing that 48% of employees say they would feel panicked about an unexpected medical expense. Generationally, Gen Z and Millennials, who collectively make up over half of today's workforce, are the most panicked at 62% and 50% respectively. The new shorter term saving options support a differentiated financial savings strategy.
'Financial wellness is top of mind as we continue to innovate in the accounts spaces,' said Kent Rausch, Businessolver's Head of Product and the original designer of the MyChoice Accounts platform. 'Today, we are offering all of the usual suspects, like the tax-advantaged accounts, lifestyle offerings, and a truly innovative HSA; but tomorrow—the sky's the limit. Our platform can really handle financial wellness products that will support informed financial decisions for a healthier workplace.'
MyChoice Accounts was originally launched in 2019 as an integrated product on the Benefitsolver® benefits administration platform and offers configurable and personalized consumer account administration options including Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs).
Now, with nearly one million active accounts, and significant product growth, MyChoice Accounts is poised to serve clients who want streamlined and simplified accounts management, with or without benefits administration services.
Supporting the MyChoice Accounts platform is Sofia™, Businessolver's virtual AI-powered benefits assistant that enhances member engagement by providing chat assistance, account balance retrieval, claims status updates, and more. Most recently, Sofia successfully resolved more than 94% of consumer account inquiries, while employees who interacted with our Service Center call representatives reported a Net Promoter Score (NPS) of 67.
About Businessolver
Since 1998, Businessolver has delivered market-changing benefits technology the empowers empathetic service supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.
CONTACT: Nicole Selinger Businessolver 314-805-2165 [e-mail]