A news release from E-Duction of Blue Bell, Pennsylvania said the E-Duction Health Expense Account gives employees the ability to finance rising health care costs and other expenses through interest-free payroll deduction.
According to the announcement, employees who sign up for the program can use payroll deduction at will, any time a medical bill is due. There are no advance contributions required and no financial penalty if the benefit is never used. Rather, employees receive a guaranteed-issue credit line based upon a percentage of their income, and any payments due are automatically deducted interest-free from the employees’ payroll over a pre-determined number of pay periods, the announcement said.
The account can be customized to any company’s health care plan, including any consumer-driven, high-deductible, or traditional health care plan design, the company said.