By consolidating and integrating the management of health spending accounts, employers and health plans can improve benefit enrollment and account opening, consolidate customer service, simplify communications and streamline account funding and management. Employers and health plans can offer account holders any combination of account-based benefits, including health savings accounts (HSA), health reimbursement arrangements (HRAs), flexible spending accounts (FSAs), wellness incentives and other specialized services.
“The use of health care spending accounts is growing rapidly as a result of both health care reform and the overall increase in health benefit costs,” said Gregg Larson, senior vice president and managing director of Healthcare Consumerism at Xerox. “Tax-advantaged accounts provide savings that offset health expenses for individuals, since funds are contributed to these accounts on a pretax basis.”
For account holders who access spending accounts through their employer or health plan, BenefitWallet offers a personalized and simplified approach to managing their accounts. The product offers complete contribution, payment and account management services, including online and mobile access.
BenefitWallet’s health claims management and payment solutions aim to improve cost savings and participation levels in account-based benefit plans. The product visually connects individuals’ health care costs with their actual claims history so they can view, manage and pay for claims across all of their providers for all family members. Account holders can also view savings opportunities through claim flags and alerts.
- Complete integration with health plan and employer benefit management systems;
- Account holder tools, communications and decision-support services for health plan selection, enrollment, account funding and payments, wealth accumulation through investments, and personal health care claims management;
- Intelligent functionality to route and pay claims from multiple account purses and flag claims that may have errors or present savings opportunities; and
- A mobile application (app) that provides account holders access to their health accounts.
More information on BenefitWallet can found at http://www.mybenefitwallet.com.