The PharmaHRA will use WiredBenefits’ proprietary pre-paid health care platform and allow pharmacy benefit managers to set up branded point of sale Health Reimbursement Arrangements (HRA) for pharmaceutical and OTC for their employer clients, a news release said.
The platform is flexible enough to allow the incorporation of formularies, track HIPAA-compliant usage trends, and include incentives and benefits, the company said. The platform supports WiredBenefits’ restricted spend HRA card programs limiting usage to pharmaceutical and over the counter at locations where MasterCard is accepted.
In addition to pharmacy, pre-paid card programs can be targeted specifically for other health care expenses including dental, preventive care, diabetes, and vision. Each card program can be limited to compliant usage restrictions enforced at the point-of-sale devices of the all targeted and non-targeted merchants, the announcement said.
More information is available at http://www.wiredbenefits.com/ .