Monthly Archives:
August 2018

WEX Health 5 Back-to-School Expenses You Can Cover with Your HSA, HRA or FSA

5 Back-to-School Expenses You Can Cover with Your HSA, HRA or FSA

08/29/2018

 

What do reading, writing and arithmetic have to do with your consumer-directed health (CDH) account? You may not know that you can use the funds you’ve been squirreling away in your health savings account (HSA), health reimbursement arrangement (HRA) or flexible spending account (FSA) to cover some of the back-to-school expenses that hit all at once this time of year. To mitigate those costs, here are five things you can use your CDH account to pay for now:

 

  1. Vaccinations: Need to get up to date on immunizations before school starts? They’re eligible for reimbursement with an FSA, HSA or HRA. And when flu season follows, don’t forget you can also use your CDH account for your annual flu shot. The Centers for Disease Control and Prevention recommends that anyone over the age of 6 months should get a flu vaccination each year to build up an immunity to the virus prior to flu season.

 

  1. School and sports physical exams: You can take care of this standard checkup with the funds you’ve saved into your FSA, HSA or HRA. For children heading back to school or onto a sports field, these annual exams are necessary to assess their physical well-being, build their medical history and gather the necessary paperwork to ensure that they’re up to date on state-required vaccines.

 

  1. Eye exams and corrective eyewear: Speaking of physicals, your child’s physician will likely check their eyesight during their physical. But should he or she need the services of an optometrist or ophthalmologist, you can also turn to your CDH account to cover the cost of both the eye exam and any corrective eyewear, including prescription glasses and contacts.

 

  1. Certain medical and orthopedic supplies: With back-to-school germs and boo-boos (acquired both on playgrounds and sports fields) on the horizon, you’ll be happy to know that you can use your FSA, HSA or HRA to stock up ahead of time on things like bandages, children’s pain relievers, first-aid kits, lice treatments and thermometers. Likewise, certain orthopedic supplies for student athletes are also eligible for reimbursement, including ankle, knee and back braces/wraps, athletic tape and arch supports.

 

  1. Acne treatments: The most common skin condition in the U.S., acne is extremely prevalent in pre-teens and teenagers especially. Eighty-five percent of people ages 12 to 24 experience at least mild acne. Acne is considered a disease, so the cost of treating it, whether with OTC meds, topical prescriptions, antibiotics or other medicines, qualifies as an eligible expense for CDH account holders.

 

With the number of active high-deductible healthcare plans (HDHPs) on the rise, CDH accounts are also becoming far more common, as consumers look for ways to take more financial responsibility for their healthcare expenses. This makes it more important than ever to educate consumers about their HSA, HRA or FSA and what expenses can be covered by these accounts.

 

Have questions about health savings accounts? We have answers to the most common questions about these tax-advantaged savings vehicles.

5 Reasons WEX Health Is a Great Place to Work

08/27/2018

by Sherry Olson

 

How does WEX Health simplify the business of healthcare? With the help of great people. By the end of this year, we anticipate hiring at least 50 more creators, innovators and leaders to join our staff. To accommodate our continued growth, we’ll have positions to fill across our offices. And on the heels of our very successful WEX Health Career Fair, I want to tell you what sets WEX Health apart as an employer and why you may want to consider joining our team:

Continue reading

Brokers, Look for an HSA Provider Who Does These 4 Things

Brokers, Look for an HSA Provider Who Does These 4 Things

08/14/2018

by Angela Greenhalgh

Originally posted on BenefitsPro.com

 

When securing new employer group clients, a strong HSA vendor can be one of a broker’s greatest allies. Not only can the right vendor make the job easier for both you and the employer, but it can further your reputation, leading to retention and more revenue. The ideal HSA vendor should provide expertise that complements your own in the following ways:

 

They know how to empower employers to help employees make better healthcare decisions.

The 2018 WEX Health Clear Insights Report, which surveyed more than 1,000 U.S. workers with employer-provided health insurance, found that most consumers with consumer-directed healthcare (CDH) plans need help figuring out how much money to set aside to cover deductibles and help with managing their doctor bills. Keeping consumers’ limited health literacy in mind, your HSA vendor should have a tight grasp on these and other employee pain points and have a plan to educate employer groups in ways that allow them to influence the desired action during open enrollment and beyond. This includes providing employers with consumer-facing education pieces, tools and continued support to ensure that employees understand how to manage their accounts outside of the open enrollment season. There are now platforms and apps, for example, that allow employees to scan a product bar code to instantly determine whether an expense will be covered by their HSA and online dashboards that show employees their spending trends year-over-year, by expense type and even by family member.

 

They understand the power of personalized employee engagement.

When asked to select all the tools and resources they would find most helpful to become educated about their healthcare plan options, consumers ranked highest those that compare plans, estimate costs and calculate savings—all tools that yield personalized results. Deloitte’s 2017 survey of U.S. healthcare consumers corroborates this, finding that personalization—including clear communication and sensitivity—was rated as respondents’ top healthcare priority. To grab and hold employees’ attention and drive desired behaviors, your HSA vendor should offer numerous ways for you to customize messaging, allowing employer groups to send data-driven communications directly to employee populations.

 

They bring one integrated platform to the table. 

Your CDH vendor should provide an intuitive technology platform that removes the complexity of managing multiple accounts, allowing employer groups to manage numerous plans and products seamlessly as well as to customize plans and portal designs. This will lessen the administrative burden on both you and the employer group, which helps to save on time and costs, not to mention resulting in less confusion for employees. Look for a platform’s integrated capabilities to include claims and EDI feeds, payroll, claim reimbursement invoices and automatic investment allocation.

 

Their reputation precedes them.

You should ask a lot of your HSA vendor: They should make the entire enrollment process seamless for your employer groups and their employees, increasing engagement and ultimately enrollment. But that’s not all. Vendors must also be known for their ability to pair up complex CDH account strategies that will satisfy the needs of employees while helping to control costs for the employer (such as pairing an HSA with a limited-purpose FSA). The best vendor will also continuously monitor—and demonstrate thought leadership on—industry trends and technology advancements. This will ensure that your clients receive top-tier services and are properly informed about any trends that could affect their benefits plan designs.

As a broker, you’re well-aware how relationship-based this market is. To reinforce your important relationships with employer groups, partner only with the best-of-the-best CDH vendors.

 

Want more? Download the Clear Insights Report here.

 


Angela Greenhalgh

Angela Greenhalgh

Vice President of Vertical Sales at WEX Health

Angela Greenhalgh has over 25 years working in health care and supporting the needs of employers, health plans, consumers, and members. She has been with WEX Health for almost 2 years where she focuses on educating and nurturing relationships with brokers and consultants. Previously, Angela spent nearly 9 years at Truven Health Analytics (now part of IBM Watson Health) where she worked to solve the data analytic, consumer engagement, and data warehousing needs of those same constituents. Her varied positions and collaborations with many brokers and consultants has fostered an understanding of the powerful role trusted confidants and relationship building plays when assisting employers with their benefits designs.


West Fargo, Join Us for the WEX Health Career Fair

West Fargo, Join Us August 16 for the WEX Health Career Fair

08/09/2018

 

WEX Health is hiring for our North Dakota location! And you’re invited to attend the WEX Health Career Fair to learn about our fast-growing payments company, career opportunities and how you can make a difference.

 

When:

Thursday, August 16, 2018, 1 p.m. – 6 p.m.

 

Where:

WEX Health

700 26th Ave. East

West Fargo (south of Costco)

 

What:

We’re seeking qualified candidates for multiple opportunities, including customer service specialists, technical roles and more. We’re looking for people who are passionate about providing great service, who like to solve problems and who deliver results in a fun work environment. WEX Health is a place where you can grow your existing skills, cultivate new ones and take your career to the next level. Please bring your resume.

 

Unable to attend our career fair? Visit our careers page or email your resume to careers@wexhealthinc.com.

Must-Listen Podcast: Opportunities for Banks in the HSA Market

Must-Listen Podcast: How Consumers View and Engage With Their Healthcare Benefits

08/08/2018

 

Jeff Bakke, Chief Strategy Officer at WEX Health, is a featured guest on Besler’s Hospital Finance Podcast. He discusses the findings of the WEX Health Clear Insights Report which looks at how consumers view and engage with their healthcare benefits.

We invite you to take a listen:

 

Visit the full blog post here