Fedo HSA will offer a combo account that helps customers meet their required expenses through a combination of smart savings, insurance and line of credit, all rolled into one powerful savings account that comes with a debit card. health credit/debit with health benefits and rewards.
“There is an urgent need for transformation in the healthcare sector to address issues related to rising healthcare costs and the consequences of the pandemic. We are excited to be part of Fedo HSA’s journey which has the potential to transform the industry by taking a personalized approach to healthcare financing coupled with incredible customer innovation through technology,” said Anish Achuthan, CEO of OPEN, in a press release.
Fedo said there is a very important and urgent need to simplify and close the funding gap between insurance policy coverage and hospitalization costs. This offering will enhance the value proposition for insurers and banks and, more importantly, respond to consumer needs with empathy.
“With the right combination of data and artificial intelligence, Fedo HSA aims to provide a systematic way to plan for health needs based on predictable health risks and to solve the financial crisis that affects millions of families each year due to ‘medical emergencies,’ Prasanth Madavana, CEO and co-founder of Fedo said.
The company has partnered with insurers, card issuers and banks to expand the Fedo HSA service network. This development comes after the company developed Fedo’s proprietary score that helps insurance companies successfully underwrite its users and helps Fedo consumers understand their health status.
“We envision this as an end-to-end solution that addresses healthcare access and affordability. Our goal is not only to transform the front-end experience for customers, but also to streamline operational processes in the back-end in ways that most vendors don’t think of,” said Arun Mallavarapu, CTO and co- founder of Fedo. .
