Lane Health Inc., recently announced that it is launching an innovative Health Savings Account (HSA). Offffered through participating employers, the Lane HSA includes an Advance feature that works like a line of credit through the HSA that employees can use to pay for qualified medical expenditures. The Lane Health ‘Card with a Heart’ provides inclusive, on-demand, swipe-and-go access to the Advance feature with no credit checks. The Card with a Heart makes high deductible health plans less scary, allowing them to work for everyone not just the few who can afffford to contribute to, and save money in, an HSA. The Advance is issued and funded by WebBank, through Lane
Health, with no risk to the employer. Advances are repaid through pre-tax HSA contributions over a twelve-month period, regardless of when the Advance is initiated during the calendar year. And employers save as well, since they incur no payroll taxes on dollars that employees contribute to an HSA.
“The increasing cost of healthcare and healthcare insurance continues to drive the need for innovative credit and payment plans”
Based on WebBank’s strong commitment to support financial innovation in the patient healthcare sector, the Bank is excited to issue and fund the Advance and also to invest in the Lane Health platform.
“We were fortunate to have a number of partners willing to provide debt and equity funding to the Lane platform. WebBank immediately grasped the signiöcance of our value proposition for the consumer: medical cost savings, improved quality of care and peace of mind. They offffered a compelling package of committed capital to support our mission,” said Brad Gambill, Lane’s Co-Founder and CEO.
“More importantly, the WebBank team provided advice and expertise, gleaned from the bank’s many years as an originator and lender through its portfolio of leading FinTech partners. WebBank has been an invaluable partner in helping us to develop the policies and processes that must be in place to offffer this exciting product.”
“The increasing cost of healthcare and healthcare insurance continues to drive the need for innovative credit and payment plans,” said Jason Lloyd, President of WebBank, “and we are excited about the launch of this next generation credit product that is fully integrated with the Lane Health Savings Account product.