October 30, 2012 (PLANSPONSOR.com) - A new defined contribution (DC) product, 1Plan, allows employers to fund health benefits with control over contribution amounts.
The product addresses rising health care costs and issues with affordability but requires minimal administration by allowing employers to use a single solution while enabling employees to decide which benefits are best for them.
The DC health model is growing in popularity, with high expectations for consumer-centric communication and education, automated processes, and easy-to-use planning and selection tools, according to Evolution1. The firm’s DC solution allows employers to gain control of their benefits budget, save money in taxes and premiums, expand benefit options and choice for employees, and reduce administrative overhead.
1Plan offers an advantage to employers because they will be able to establish a predictable employee benefits budget but still offer the benefit options to attract and retain employees, according to Jeff Young, chairman and chief executive at Evolution1.
Additionally, the company introduced 1View, the brand for its consumer control panel. 1View contains a number of enhancements, including changes to the expense tracker and consumer-initiated payment functionalities. as well as increased consumer engagement functionality. The firm also rolled out enhancements to 1Mobile, the brand for Lighthouse1 Mobile. The upgrades let consumers file new FSA/HRA claims and submit associated receipt images, as well as view HSA transactions via mobile device.
Evolution1 administers reimbursement accounts, including HSAs, HRAs, FSAs, VEBAs, PRAs, Wellness and Transit Plans.