DriveWealth partners with MotivHealth to create comprehensive HSA platform to contribute and invest 

 

CHATHAM, N.J, July 28, 2020 – DriveWealth, LLC, a leader in global digital trading technology, today announced their partnership with Utah-based insurance provider MotivHealth to provide an industry first, frictionless health savings account (HSA) investing experience that allows customers to view health insurance claims, manage their HSA and make trades with their HSA all from the same interface.    

 The solution is powered by DriveWealth’s DriveHSA, a division of DriveWealth focused on serving the HSA vertical. DriveWealth’s patent-pending Fracker® technology enables real-time fractional share investing, which opens up new options for building a diversified portfolio in an HSA account where the maximum contribution is $3,500/year (less than $300/month) – for comparison, a share of Amazon stock is currently worth $3,104 (as of market close July 13).  

 Where insurance companies have traditionally offered HSA accounts provided by a bank, these have been separate experiences for customers. Through its partnership with DriveWealth, MotivHealth can offer its members access to a comprehensive health platform, allowing them to manage both their insurance and their HSA all from one dashboard – including opening their health savings account, making contributions to prepare for future medical expenses, and maximizing unspent contributions through investments.  

 According to Josh Dobbin, Chief Architect at MotivHealth, “We were impressed with how easy and intuitive it was to use DriveWealth’s APIs. In 72 days we implemented a modern investment experience with real time trading for all of our members.” 

 The tax-advantaged HSA can be a critical tool in helping users combat ever-increasing health care and retirement costs,” said Bob Cortright, DriveWealth Founder and CEO. “We’re proud to partner with MotivHealth to provide their clients with the flexibility they need to save for their future via a seamless, digital-friendly experience. 

 “Investing HSA contributions is most effective when used as a long-term savings tool,” said Stan Smith, Managing Director of DriveHSA. “This allows customers to save for retirement while allowing liquidity for short-term expenses and can be a practice for overall financial health.”  

 A staple of MotivHealth’s business is helping their customers connect the benefits of their physical health with their financial health. The company’s Steps Program, for example, incentivizes users to prioritize their health by earning $1 for every 8,000 steps a day they walk, up to 20 days per month, to receive $20 a month into their HSA. 

 It’s our mission to stabilize rising costs of premiums by getting members engaged by finding the right care at the right price,” said Dave Hall, founder and CEO of MotivHealth. “The average American couple will need $390,000 to cover their medical expenses in retirement. HSAs are a great way to engage people to help lower overall healthcare costs while preparing for future medical expenses.  We have built our own, proprietary API based HSA platform; the missing piece was an API based investment solution that would complete the seamless user experience that we feel is needed to drive better engagement.  DriveWealth was the answer and we’re proud of this partnership that helps us stand apart as the only known insurance company to offer a product like this.” 

 About DriveWealth 

DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC.  DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform.  DriveWealth, LLC delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com. 

 About MotivHealth 

MotivHealth is a Utah-based insurance company creatively solving the high cost of healthcare.  

For more information, please visit https://www.motivhealth.com/.  

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 Media Contact: DriveWealth 

Tylor Tourville 

drivewealth@backbaycommunications.com 

 Media Contact: MotivHealth 

John Anderson 

janderson@motivhealth.com

 

See this release on BusinessWire.