FARGO, N.D., Jan. 3, 2017 /PRNewswire-iReach/ -- Discovery Benefits, a third-party provider of employee benefits innovating the administration of health savings accounts, flexible spending accounts, health reimbursement arrangements, commuter benefits and COBRA, celebrates its 30th anniversary this year.
Founded in 1987 as part of Blue Cross Blue Shield of North Dakota, the company set out to put flexible spending accounts in the hands of consumers. In the 30 years that followed, consumer-driven health plans gained popularity and, under the ownership of Bell Bank, Discovery Benefits expanded to administer a variety of other pre-tax benefits and COBRA continuation coverage to clients nationwide.
"In the past 30 years, we have navigated an abundance of legislative policy that has continuously transformed the way consumers use their health benefits while serving as a constant source of stability in an ever-changing benefits landscape" said John Biwer, President of Discovery Benefits. "While we are part of a complex industry, we have remained committed to simplifying the administration of these crucial benefits for consumers and employers by offering innovative tools, technology and service for three decades."
By offering innovative integration capabilities and proprietary, internally-developed systems like LEAP – a platform that allows its clients to easily access all their benefits administration information and plan participation data from one centralized location, Discovery Benefits has emerged as a leader in the employee benefits space. As more and more employers throughout the country continue to make the shift to high-deductible health plans, health savings accounts like those administered by Discovery Benefits in particular are becoming a critical component of employee benefit plans. The company has even seen a significant uptick in HSA assets in recent years, moving from No. 20 to No. 12 on Devenir's list of administrators with the most HSA assets in just two years.
Discovery Benefits administers employee benefit plans for more than 10,000 clients, excelling in the administration of benefit plans for large employers nationwide. The company also serves more than one million participants in consumer-directed health benefits and provides COBRA coverage for more than 3 million covered lives. As a testament to this unprecedented growth, Inc. 5000 has also ranked Discovery Benefits on the list of America's Fastest-Growing Private Companies for the past four years.
In addition to priding itself on simplifying the administration of benefit plans and providing innovative technology solutions that save clients time and money, Discovery Benefits has worked to build an employee-centered culture founded on the core values of integrity, leadership, open communication, continuous learning and teamwork. This culture has landed the company on Business Insurance's list of Best Places to Work in Insurance for seven consecutive years.
Find out more about how Discovery Benefits is pioneering the consumer-directed health space at www.discoverybenefits.com.
Discovery Benefits is a national leader in employee benefits administration founded in 1987. The company provides administration of health savings accounts, flexible benefits, COBRA, commuter benefits and health reimbursement arrangements and has a presence in all 50 states. Its mission is transforming the complexity of employee benefits administration with innovative solutions and extraordinary customer service delivered by empowered and knowledgeable employees. Discovery Benefits has been awarded Business Insurance's Best Places to Work for seven consecutive years and has been ranked on Inc. 5000's list of fastest-growing private companies in America for the past four. The company's offices are located in Fargo, N.D. and Brookings, S.D.
Media Contact: Stephanie Schroeder, Discovery Benefits, 701-492-7208, sschroeder@discoverybenefits.com
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Discovery Benefits
