Finpago and WageWorks Launch New Automatic Claims Service

Conshohocken, PA & San Mateo, CA - Finpago, believed to be a leader in flexible spending account (FSA) automation for in-store purchases, and WageWorks, believed to be the nation's leading provider of consumer-driven tax-advantaged spending accounts, announced recently the availability of FSAok® AnyCard™. This new service provides flexibility and convenience to FSA account holders by automatically selecting prescription and over-the-counter (OTC) medication purchases and submitting them for reimbursement. Through WageWorks' Health Care Choice card program, employees of more than 1,000 participating employers now have access to FSAok® AnyCard™.

According to Finpago and WageWorks:

• FSAok® AnyCard™ is revolutionary because it enables consumers to register any credit, debit or participating frequent shopper card, and their FSA-eligible purchases are captured automatically when they shop at a participating retailer. Finpago's patent-pending technology powers the service, and WageWorks is the first benefits administrator to roll it out to their members.
• FSA and other consumer-directed health care accounts provide terrific benefits to consumers in managing health related expenses. However, the average household with an FSA account uses it for less than half of eligible purchases. Many miss eligible items, such as OTC medicines or prescription co-pays, simply because they aren't sure what their plan permits, or the claim process is too much trouble.
• The FSAok® AnyCard™ service makes using pretax funds for FSA-eligible purchases easy. When you use your registered credit, debit or frequent shopper card at an FSAok retailer, FSAok automatically selects eligible FSA purchases and submits electronic receipts and claims to your FSA administrator for you. This service makes it possible for you to pick up eligible over-the-counter medicines and prescriptions at retail locations including grocery stores and mass merchants, without having to worry about filling out claims paperwork.

WageWorks administers health care flexible spending accounts through the Health Care Choice Account, a convenient health care spending account solution that enables employers and employees to easily deploy and manage FSAs, health saving accounts (HSAs) and health reimbursement arrangements (HRAs). By complimenting its Health Care Choice card with the FSAok® AnyCard™ service, WageWorks says its provides its customers with more choices and flexibility on where they shop for their health care products, and eliminates the inconvenience of paper claims.

According to the two companies, consumers wishing to take advantage of AnyCard simply need to register any card that they normally shop with - such as any credit card, check card, or frequent shopper card, at their benefits administration website. Shopping as they normally would - at a grocer, mass merchant, or pharmacy -- they can check out all at once and AnyCard will automatically separate the purchases and send an electronic receipt and claim for only FSA-eligible items so the shopper can get an automatic reimbursement from their FSA, HRA or HSA account. The companies added that the employee can even log onto their benefits portal, to review their eligible purchases and automatic claims and choose to have them automatically submitted.

In addition to its benefits to consumers, FSAok offers unmatched convenience to employers and merchants too. Employers simply need to request FSAok® AnyCard™ from their benefits administrator. AnyCard is already available to employees of WageWorks' more than 1000 participating employers. FSAok® AnyCard™ is also compatible with existing FSA Debit Card programs. Integration is also simple for drugstore, grocery, and mass-market retailers, with retailers representing thousands of locations having already joined the FSAok program. Consumers can identify these merchants wherever they see the colorful FSAok logo, beginning later this year.

SOURCE: Finpago and WageWorks