“With inflation at an all-time high, you need to get tax relief on everything you can. Partnering with Q2 opens our platform to over 400 financial institutions and millions of people,” said CEO Frank Stain -Pyne. To fight rising inflation, co-founders Frank Staine-Pyne and Craig Wright invented a way for nearly half of the population of the United States to get money that was triple free. Their solution is called HSAPAY, it helps you save for health care and could save your retirement.
You can use Venmo or PayPal today to accept small refunds for things like sharing dinner with a friend or reimbursing someone for a movie ticket. But these guys took that idea and invented a way to send the money to a tax-free health savings account. Taking advantage of a massive opportunity, this payment process was never invented while it was a right to contribution of these payments. Venmo, PayPal, Zelle, and others only send money to standard bank accounts, but their patented app HSAPAY sends money to a user’s HSA account, giving them money triple tax free.
As you may have heard, Health Savings Accounts (HSAs) are triply tax-free, which means; you can deposit money tax free into the account, when you spend it on medical expenses it is tax free and you can invest it like a 401k in the stock market and all earnings are tax free .
On average, most of these health savings accounts are funded with only $500 in them.
90% of HSA members save only about $500 in their account, leaving an additional $6,800 tax-free that is not realized in a family’s annual income. The annual maximum for an HSA for a family is $7,300 and an individual is $3,650.
In the United States, high-deductible health plans account for nearly 28% of the US health industry market, and under this plan, nearly 32 million Americans have HSA accounts. Since its inception in 2006, HSA account growth has grown at an annual rate of 6% and with a “composite rate of 54% over the past three years,” according to research firm Becoming. The HSA industry is currently valued at $93 billion, with an average growth of 18% per user account. With the growing demand for healthcare due to COVID-19 related illnesses, the HDHP industry has witnessed a huge surge in demand for products and solutions from individuals and family members.
“The possibilities are enormous. Employers can now allow employees to outsource their own healthcare, tax-free, like GoFundMe, they can round up like acorns on transactions, or they can send a tax-free payment to a friend,” said co-founder Craig Wright.
Their minimum viable product is currently available on the Apple App Store and supports Fidelity, Further, Old National Bank and a number of others covering millions of accounts.
“We’ve struck gold in the most unlikely places, the IRS tax code,” Frank Staine-Pyne added.
HSAPAY is a subsidiary of Talli Health Inc., an S corporation, which enabled users to fund their health savings account through donations and contributions from friends, family and colleagues through a single mobile interface. HSAPAY is able to provide members with a customer-oriented and more efficient financial management dashboard to enable people to have enough money to pay for health care. Thanks to its software interface, the HSAPAY application simplifies compartmentalized data, while creating 3 new payment channels. Combining similar processes to Venmo, Acorns, and GoFundMe, HSAPAY is on a mission to revolutionize the way money funds HSAs. These processes remove existing barriers to contributions and self-funding options for the average HSA user.
Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the United States and abroad. With comprehensive end-to-end solution sets, Q2 enables its partners to deliver consistent, secure, data-driven experiences to every account holder – from consumers to small businesses and enterprises. Based in Austin, Texas, Q2 has offices around the world and is listed on the New York Stock Exchange under the symbol QTWO. For more information, visit Q2.com.