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Mangrove Announces Health Savings Account (HSA) and Health Reimbursement Account (HRA) Product Launches
Date:2/6/2008

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 i
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SOURCE Mangrove Employer Services
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