Broadening its portfolio of solutions that simplify the business aspects of health care, Xerox today introduced BenefitWallet™, an online portal – complete with administrative and customer support -- that gives employers and health plans an easy way to manage multiple health accounts on one platform.
By consolidating and integrating the management of health spending accounts, employers and health plans can achieve several goals, including: improving benefit enrollment and account opening; consolidating customer service; simplifying communications; and streamlining account funding and management.
BenefitWallet can be readily added to existing benefit administration applications. Employers and health plans can offer account holders any combination of account-based benefits, including health savings accounts (HSA), health reimbursement arrangements (HRA), flexible spending accounts (FSA), 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, SVP and managing director, Healthcare Consumerism at Xerox. “Tax-advantaged accounts provide savings that offset health expenses for individuals, since funds are contributed to these accounts on a pre-tax 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 on-line and mobile access.
BenefitWallet’s health claims management and payment solutions help 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.
BenefitWallet’s unique combination of features includes:
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.
A mobile app that provides account holders with convenient access to their health accounts.
Xerox is the nation’s top HSA administrator. In conjunction with BNY Mellon as custodian, Xerox serves 27,000 HSA employer customers and manages accounts for more than 2 million account holders and dependents with an accumulated $1.4 billion of HSA assets.
For more information on BenefitWallet visit: www.mybenefitwallet.com
Since the invention of Xerography 75 years ago, the people of Xerox (NYSE: XRX) have helped businesses simplify the way work gets done. Today, we are the global leader in business process and document management, helping people be more efficient so they can focus on their real business. Headquartered in Norwalk, Conn., more than 140,000 Xerox employees serve clients in 160 countries, providing business services, printing equipment and software for commercial and government organizations. Learn more at www.xerox.com.