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Blue Cross of Minnesota affiliate sold for $500 million Eagan-based Further administers health savings accounts paired with high-deductible health plans. April 9, 2021 7:42am Text size Copy shortlink:
The parent company of Blue Cross and Blue Shield of Minnesota is selling for $500 million its business for administering health savings accounts.
Utah-based HealthEquity Inc. announced the deal Thursday afternoon, saying the acquisition of Eagan-based Further would add 550,000 health savings accounts, bringing the company s total to about 6.3 million HSA members.
People enrolled in high-deductible health plans often open HSAs so they can pay for certain out-of-pocket medical costs with tax-deferred savings. Some employers put funds into the accounts as an incentive for workers to enroll in high-deductible health plans, which are meant to give consumers incentives to shop smartly for medical care.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
HealthEquity to Acquire Further
HealthEquity, Inc.April 8, 2021 GMT
DRAPER, Utah, April 08, 2021 (GLOBE NEWSWIRE) HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity”), the nation’s largest independent health savings account (“HSA”) custodian, today announced that it had entered into a definitive agreement to acquire Further, a leading provider of HSA and consumer directed benefit administration services, and the nation’s ninth largest HSA custodian overall.
The acquisition of Further and its technology expands HealthEquity’s leadership in the growing HSA market, enhances its ability to drive growth with health plans and other go-to-market partners, and adds to its Total Solution offering of remarkable products backed by trademark Purple service, education and engagement to help working families connect health and wealth.