Okay, full disclosure: This data comes from a company that sells prepaid benefit cards, but still -- if you're looking to implement an HSA, HRA or FSA, a survey from Evolution Benefits shows that a benefit card could make all the difference.
Health care consumers report the availability of benefits cards positively influenced their decision to sign up for tax-favored accounts, including FSAs, HSAs or HRAs, Evolution finds. Benefit cards also made accounts easier to use and more effective.
The survey was created to gauge the effectiveness of three program components: cardholder communication; benefit card usage; and the benefits of having a card associated with a health care account. Evolution Benefits developed and conducted the survey, which was distributed to MasterCard cardholders at 10 employers in various industries.
Two-thirds of the nearly 900 respondents indicated that availability of the card influenced their decision to sign up for the benefit, while almost three-quarters said that having a card made using their account funds easier. The majority of consumers commented that they have encountered few - if any - problems and know exactly where the card can be used.
Card communication, in fact, was rated as good to excellent. As a result, 92% of the respondents said they knew where and how to use the card - and which items are eligible for pre-tax treatment based on IRS guidelines. In addition, 87% of respondents found it advantageous to have point of service substantiation.
Do you offer a benefits card? How well is it working for ya? Comment and let me know.
