Financial wellness and whole-employee care is high on the list of must-have benefits. With our enhanced suite of Consumer Accounts and administration, employees can manage all of their benefits — including HSAs, FSAs, HRA, Commuter and Goal Accounts — from our easy-to-use technology solution, Benefitsolver®.
Employers who opt into combining their MyChoice Accounts and Benefitsolver administration get a one-stop-shop for all things benefits. One platform for enrollment to activation of their benefits, from health plans, provider guidance, to consumer accounts management. One app, one platform, and a one-wallet approach to benefits dollars. Employees will track their deductible and their HSA (Health Savings Accounts) balance in one spot. Or file their FSA (Flexible Spending Account) claims in the same platform where they find their telemedicine provider and health plan coverage. It just makes sense.
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That gives us the agility to make updates quickly and continuously improve our experience to meet the needs of our clients. In the last year, we’ve redesigned our portal to make it more user-friendly, updated our card program to provide more real-time balance updates and digital pay options, and are implementing a fully embedded next-generation investment platform for HSAs. That’s just some of the commitment we provide. We are passionate about a seamless experience for both admins and members.
We build and manage every aspect of the technology—from claims processing to mobile app delivery to the online experience.
92% of employees are stressed about their finances due to economic uncertainty, costing US employers close to potentially $200B annually in lost productivity.
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Employees are 3 times more likely to elect a cost-effective health plan and savings vehicle when they have decision support at the time of enrollment.
92%
38%
67%
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More workers need a financial safety net.
According to Benefitsolver data representing more than 358K member, about 38% of employees say they’d “get soaked” with a large emergency room expense, meaning they do not know how they’d cover the cost.
Soaked by an emergency.
During our 2024 annual enrollment, members who used the decision support tool and elected a high deductible plan enrolled in the corresponding HSA at a rate of 67%. Those who did not use decision support only enrolled in the HSA at a rate of 19%.
The Power of Integration.
HSA and FSA were the top two searched benefit programs for Sofia, the virtual benefits assistant, in Q4 of 2023, eclipsing "health plan" and "dental." Sofia provides balance info, recent claims, and education for our MyChoice Accounts members both in the portal and in the mobile app.
Embedded MyChoice Accounts provides support with the entire system, including Sofia, our virtual benefits assistant.
The data makes Clients with HSAs enjoy a 99.2% CIP (customer identification process) approval rate, meaning HSAs open faster and without added legwork due to approval time.
93% of FSA card swipes were auto-substantiated the first time, meaning participants typically don't have to provide additional documentation.
No hassle FSAs.
MyChoice Accounts members spent 40% more time in platform than those who do not have an account.
Members go mobile more.
100% of onboarding clients for 2023 reported a "blue" or "green" pulse - meaning they were satisfied or highly satisfied with their overall experience with MyChoice Accounts immediately before their effective date.
Onboard with ease.
99%
93%
40%
100%
CIP (Customer Identification Program)
In a 2023 VISA study on HSA non-users, 58% of repondents said the most intersting feature was the capability to rollover funds year to year.
Driving Adoption of HSAs.
58%
Decoding Consumer Accounts
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Easy Button for Consumer Accounts eBook
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www.brightplan.com/2023-wellness-barometer-survey
A 2023 VISA study on FSA users indicates that FSA users are more proactive about their health and leverage online care more than non-FSA users, across multiple care types, including routine check-ups, mental health, dental, and eye exams.
FSA Users.
As our consumer experience team continues to evaulate call volumes and work with our AI team and product teams to create a better member journey, we were able to realize a 23% reduction in calls regarding claims from 2022 to 2023.
Hello? Claims?
23%
92% of employees are stressed about their finances due to economic uncertainty, costing US employers close to potentially $200B annually in lost productivity.
More workers need a financial safety net.
92%
According to Benefitsolver data representing more than 358K member, about 38% of employees say they’d “get soaked” with a large emergency room expense, meaning they do not know how they’d cover the cost.
Soaked by an emergency.
38%
During our 2024 annual enrollment, members who used the decision support tool and elected a high deductible plan enrolled in the corresponding HSA at a rate of 67%. Those who did not use decision support only enrolled in the HSA at a rate of 19%.
The Power of Integration.
67%
HSA and FSA were the top two searched benefit programs for Sofia, the virtual benefits assistant, in Q4 of 2023, eclipsing "health plan" and "dental." Sofia provides balance info, recent claims, and education for our MyChoice Accounts members both in the portal and in the mobile app.
Embedded MyChoice Accounts provides support with the entire system, including Sofia, our virtual benefits assistant.
top
2
CIP (Customer Identification Program)
The data makes Clients with HSAs enjoy a 99.2% CIP (customer identification process) approval rate, meaning HSAs open faster and without added legwork due to approval time.
99%
MyChoice Accounts members spent 40% more time in platform than those who do not have an account.
Members go mobile more.
40%
100% of onboarding clients for 2023 reported a "blue" or "green" pulse - meaning they were satisfied or highly satisfied with their overall experience with MyChoice Accounts immediately before their effective date.
Onboard with ease.
100%
In a 2023 VISA study on HSA non-users, 58% of repondents said the most intersting feature was the capability to rollover funds year to year.
Driving Adoption of HSAs.
58%
93% of FSA card swipes were auto-substantiated the first time, meaning participants typically don't have to provide additional documentation.
No hassle FSAs.
93%
