In the ever-changing world of employee benefits, the Healthcare Spending Card1 has become a popular choice for employers who want to add value to their benefits packages, increase employee engagement and increase employee access to healthcare. All at no cost to you.
This guide provides a comprehensive look at the Healthcare Spending Card and how it can change the way your organization thinks about employee healthcare. We’ll explore the benefits, implementation strategies, and best practices that will help maximize the power of the Healthcare Spending Card.
The Healthcare Spending Card is an innovative financial tool that can help your employees take better manage and pay for their healthcare expenses.
The Healthcare Spending Card provides a line of credit specifically designed for healthcare expenses. Employees can get the care they needs with 0% financing2 and other convenient repayment options. It can also be linked to your employees' Health Saving Account (HSA) - if they have one - enabling employees to save money by helping reduce their taxable income when using pre-tax dollars to repay medical expenses placed on the card.
In the absence of reasonable alternatives, employees use less desirable means to pay for healthcare expenses - including high-interest rate credit cards or even raiding their retirement plan.
The Card offers immediate access* to healthcare funds, so your employees can address their healthcare needs right away without worrying. Unlike other financial options, the Healthcare Spending Card doesn't require a credit check.
By offering the Healthcare Spending Card, you are providing another tool that demonstrates that you care about your employees' well-being and financial security.
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The Card provides a line of credit to help employees pay for care. Applying for the card takes less than 3 minutes, and upon successful application funds are immediately accessible through a Virtual Card. The employee's physical Healthcare Spending Card is mailed to their preferred location and typically arrives within 7-10 days.
The Healthcare Spending Card can be used for any qualified healthcare expense (medical, dental, vision and prescription) - anywhere Visa is accepted for healthcare payments.
The Healthcare Spending Card can improve access to the comprehensive employee benefits you already provide - at no cost or credit risk.
By implementing the Card, you can foster a healthier workforce and minimize absenteeism by removing financial barriers to essential healthcare services.
Applying for the Card can be done in minutes. Upon successful application, employees will immediately have access to a line of credit to get the healthcare they need - even from the dentist's chair.
With multiple, convenient ways to repay, including 0% financing2 options, employees can spread the cost of their care over several paychecks instead of having to pay it all upfront.
By linking the Card to their HSA, employees can use pre-tax funds to repay qualifying healthcare expenses.
Employees can also access Goodbill3, a service that helps employees review hospital bills and find potential savings.
A smart launch campaign can ensure widespread employee adoption and utilization of the Healthcare Spending Card. But don't worry - Lane Health has your back and will help you effectively promote the Card to your people:
We value our clients and our members - and put them at the center of everything we do.
Our commitment is reflected in two key metrics we obsess over every day:
1) Member Satisfaction: 98% out of 100%
2) First Call Resolution: 97% out of 100%
