Businessolver, a provider of software-as-a-service (SaaS)-based benefits administration technology and services, launched what it says is the first fully integrated consumer accounts benefits platform within the HR and benefits industry—MyChoice Accounts.
The platform allows employees to manage all of their benefits, including consumer accounts, such as health savings accounts (HSAs), flexible spending accounts (FSA), commuter benefits, fitness reimbursements and more from one holistic technology platform, Benefitsolver. Employees can enroll in these benefits year-round, and within the same system and mobile app they can submit claims, check balances, view employer contributions and more.
Users are issued just one debit card, which can be used for purchases from multiple consumer accounts. It automatically deducts from the relevant account based on the purchase. Submitted claims are processed in real-time.
With the solution, employees have continued access to the MyChoice Recommendation Engine and Businessolver’s AI-powered personal benefits assistant, Sofia, ensuring they have the information and guidance they need to make informed choices and continually engage with their benefits in one place throughout the year.
For employers, the platform removes the need to manage multiple systems and vendors for employees’ consumer accounts. It provides simplified funding and financial reconciliation, and it streamlines the payroll deduction process as well as reporting, since it features automated data exchange.
The solution improves data security because all data remains within the Benefitsolver platform. And, opening HSAs is simplified and streamlined, vastly reducing the need to reconcile accounts after elections have been made.
To make this experience possible, Businessolver has partnered with UMB Bank as its custodial banking partner.More information can be obtained from the Businessolver website.
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