Spence provides a payroll‑integrated service that captures missed tax savings from Health Savings Accounts (HSAs) for both employers and employees, delivering up to ten years of retroactive cashback directly on paychecks. The platform requires no setup fees or monthly charges and works with existing HSA, payroll, and HRIS systems to increase employee compensation, boost retention, and lower healthcare costs. It automatically identifies qualified expenses and alerts users when new savings become available.
Funding
Funding not disclosed
Founders
Product
Problem
Employers and employees often miss tax savings from Health Savings Accounts (HSAs) because contributions and eligible expenses are not fully captured or retroactively reclaimed, leading to higher payroll taxes and reduced employee financial wellbeing.
Solution
Spence integrates with existing payroll, HRIS, and HSA platforms to identify and recover missed HSA tax benefits for both employers and workers. The service automatically scans up to ten years of HSA contribution history, flags eligible expenses, and applies the appropriate tax credits to the next payroll cycle without requiring new workflows. Employers receive payroll tax reductions—averaging $292 per employee—while employees receive cash‑back on their paychecks. The platform operates on a zero‑upfront‑cost model, with no monthly fees, and runs continuously throughout the year, not just during open enrollment.
Target Audience
Spence is aimed at mid‑size to large employers offering high‑deductible health plans with HSAs, and the HSA‑eligible employees of those organizations who seek to maximize their tax benefits.
Features
- Automatic retroactive analysis of up to ten years of HSA contributions and qualified expenses
- Seamless integration with existing payroll, HRIS, and HSA providers; no additional setup or workflow changes
- Real‑time application of recovered tax credits to the next payroll run for both employer and employee
- Zero upfront costs and no recurring subscription fees; revenue is generated only when savings are realized
- Continuous, year‑round eligibility monitoring with alerts for new cashback opportunities