BALTIMORE, Dec. 1 /PRNewswire/ -- PERFORMAX, Inc., the Baltimore-based national designer and manager of self-funded employee health benefit plans, has announced that it is expanding its consumer-driven program called PERFORMAX Consumer Care by offering Health Savings Accounts (HSAs) alongside qualified high deductible health plan (HDHP) designs. This capacity enables PERFORMAX clients to better control health care expenses while providing their employees with excellent, affordable health care coverage, a broad choice of physicians and other health care providers, and the ability to pay for current health care expenses and save for future health care needs with pre-tax dollars.
Jacob L. Canova, PERFORMAX president and chief executive officer, says: "Over the past several years, employers have taken steps to gain control over rapidly rising health care costs. Yet costs continue to rise dramatically, and companies face a mandate to explore new, more effective strategies to fight back.
"High deductible health plans are welcomed by a broad cross-section of employees. Because of their lower cost, employees will find HDHPs even more attractive when they are paired with HSAs. When employees choose the HDHP/HSA combination, both employers and employees benefit," continues Canova.
An HSA is a trust or custodial account established to pay for the medical expenses of employees who are enrolled in HDHPs and their dependents. Both employees and employers can make contributions to HSAs, and HSA contributions and disbursements generally are tax-exempt.
Employees can use HSA funds to pay for current medical expenses or invest them to provide for future health care needs. Two HSA features make it possible to save these funds for future needs: First, unlike flexible spending accounts, funds remaining in HSAs at the end of each year are not forfeited. Instead, year-end balances, including interest earned, roll over into each subsequent year. Second, HSA funds are "portable." This means that when employees change jobs, their HSA funds go with them.
"PERFORMAX Consumer Care offers educational tools and a variety of informational resources to help employees understand the complex health care system, evaluate health treatment options based on quality and cost, and become knowledgeable health care consumers," states Canova. "As a result, employees spend less on health care services and employers' health care costs are reduced accordingly."
Founded in 1987, PERFORMAX has demonstrated substantial growth in its markets and client base while refining its products and services in response to significant ongoing changes in the health and benefits industry. The company is headquartered in Baltimore, MD, with satellite offices located throughout the U.S.: Atlanta; Cheyenne, WY; Chicago; Denver; Houston; New York City; Parsippany, NJ; Philadelphia; Phoenix; Salt Lake City; Seattle and Walnut Creek, CA.
For more information about PERFORMAX, visit the company's web site at http://www.getperformax.com/.
CONTACT: Donna Hofmeister (410) 986-2018 dhofmeister@GetPERFORMAX.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com/.
PERFORMAX, Inc.CONTACT: Donna Hofmeister, PERFORMAX, +1-410-986-2018,dhofmeister@GetPERFORMAX.com
Web site: http://www.getperformax.com/