Flexible Spending Accounts & Debit Cards (FSA-HRA)
Offering employees greater flexibility and control over their out-of-pocket healthcare costs is an effective way to help them deal with rising healthcare costs. REDW can implement a Benny® prepaid benefits card (debit card) program, which eliminates most out-of-pocket costs and reimbursement paperwork. Employers who adopt a benefits card program typically see an increase in their flexible spending account (FSA) participation, which increases their payroll tax savings. REDW also administers healthcare reimbursement arrangements (HRAs), which are plans funded entirely by employer money to cover out-of-pocket medical expenses. Employers frequently use HRAs to supplement employer paid healthcare, while controlling the rapidly spiraling costs of employee health insurance. With the changing composition and cost of today’s benefit packages, an FSA/HRA plan creates flexibility for both you and your workforce.
REDW’s experienced benefits team knows the ins and outs of creating, implementing and administering FSA/HRA plans. Our website allows 24-hour access for both employer and employee account management. In addition, it provides customized downloadable forms, electronic claim submission and ad hoc online reports. Our experts are ready to help you with this important facet of your benefits program.