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Mangrove Announces Health Savings Account (HSA) and Health Reimbursement Account (HRA) Product Launches

TAMPA, Fla., Feb. 6 /PRNewswire/ -- Mangrove Employer Services, a leading software and services provider of web-based Human Resource Management, Payroll, Benefits Administration and Self Service solutions, announces the launch of its new HSA and HRA programs.

Mangrove Employer Services teamed up with an experienced and trusted partner, Evolution Benefits, the technology leader in electronic benefits payment services, in 2007 to provide this new offering. Their combined solution will provide one centralized, standardized process for HSA or HRA administration, a debit card stacking ability, and a flexible, streamlined approach for the participant. It will also complement Mangrove's very successful, existing Flexible Spending Account (FSA) program that experienced 85% growth from 2007 to 2008.

Mangrove Employer Services has also partnered with The Bancorp Bank, an industry leader in Consumer-Directed Healthcare Initiatives, for its HSA offering. A valuable Mangrove partner, The Bancorp Bank will serve as the trustee for the Heath Savings Accounts and provide enrollment services, account documentation, check processing, and access to investment services via its partners. Jill Kelly, Senior Vice President of Bancorp Bank, stated, "We are pleased to partner with Mangrove to service their new HSA and HRA programs. Leveraging our banking services for the administration of the Health Savings Accounts, these consumer friendly solutions provide easy access to Mangrove's customers' funds as they are needed."

For Mangrove, an industry leader in COBRA compliance administration, Flexible Spending Accounts (FSA), Retiree and Leave of Absence billing, the addition of a Health Savings Account offering was a natural expansion. Brian Meharry, President of Mangrove Employer Services, commented, "More and more consumers want greater involvement and control with their Health Care options. Our emergence into this HSA program, with such experienced partners, is in direct response to our customers' needs and a rapidly changing marketplace." Meharry continued, "Mangrove advances its position in the market by providing our existing customers and prospects a single source for these dynamic products, all under one service model supported by leading edge technology."

"We applaud Mangrove's cutting edge support for consumer directed programs by offering their clients the ability to manage FSAs, HRAs and HSAs on a single card using EB's multi-account stacking technology," said Kevin Blank, Executive Vice President of Evolution Benefits.

Mangrove Employer Services

Founded in 1994, Mangrove Employer Services is a leader in delivering Payroll, Human Resource Management, and Benefits Administration services. Headquartered in Tampa, Florida, Mangrove Employer Services hosts more than 5,000 Human Resource, Payroll and Benefits Administration customers. Mangrove's customers consist of organizations of all sizes within all industries including numerous Hotels, Manufacturers, Health Care Organizations, Retailers, Payroll Service Bureaus, and Administrator Service Organizations (ASOs) --

SOURCE Mangrove Employer Services
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