CoreSource Reimbursement Accounts

Transcription

1 CoreSource Reimbursement Accounts

2 Agenda Overview Employer and Consumer Portals Multi Account Management: Flexible Spending Accounts Health Reimbursement Accounts Mobile Apps Debit Card Features and Benefits

3 Employer Experience Employee Management Online lookup helps employers respond to employees questions and issues. Automated Communications Over 10 statements and notifications all accessible via , consumer portal and mail when necessary. Reporting Over 50 standard employer reports and notifications, as well as custom reports, if available, are accessible via and/or secure, self-service Employer Portal.

4 Member Experience Consumer Portal Robust portal empowers consumers, providing everything they need to know about their account, with an industry-leading design that enables quick and easy navigation of content. Convenient Self Service 24x7 Consumer Portal Mobile application Online enrollment Integrated investment management Mobile App Mobile app lets consumers manage their CDH accounts right from their phone or tablet. Automated Communications Over 10 statements and notifications all accessible via , consumer portal and mail when necessary. Flexible Payment Options Consumer can choose from: Debit card, which increases consumer satisfaction by reducing paperwork Consumer-Initiated Payment on Consumer Portal Claims Exchange with auto-pay Auto-stacked accounts % auto-substantiation

5 mycoresource.com Our Consumer Portal includes Consumer Dashboard a dashboard for managing, paying, planning and budgeting out-of-pocket health expenses. Manage Expenses Medical Claims CDH Claims Debit Card Transactions Document Repository Auto-Pay Make Payments Consumer Initiated Bill Pay Pay the consumer pay the provider Auto-Substantiation Plan and Budget Spend analysis Benchmark reporting Recommendations Export to Excel

6 End-to-End Healthcare Management for Consumers Medical Claims Debit Card Transactions Receipts and Expenses FSA/HRA Payments Reimbursements Pay the Provider

7 World Class Security Protecting Your Data Data Center Infrastructure Application Data Biometric required for access Security guards on location Security Cameras Burglary alarms World Class Firewalls Intrusion Protection/Detection Data Leakage Protection Penetration tests quarterly Net forms authentication Passwords are hashed with salt Forms security based on user role Multi-Authentication Requires HTTPS SSL connection Full database encryption Data element encryption (passwords) Multi-tenant data token certifies data access Access requires dual participation Separate locks on cage and racks Tier 3 Data Centers IP blocking by Geography codes Mobile devices do not store login credentials Passcode needed for Mobile access System requires strong passwords with min length, mixed case, numbers symbols, expiration, no repetition and lockdown after failed attempts Configurable session timeout Card numbers tokenized Data in motion encrypted TLS/SSL SSN masking within forms VPN required for custom reporting

8 Compliance & Fraud Protection Certifications SSAE 16 Certified WEX Health, Verizon PCI Type II Certified / CISP Certified Compliant service provider since 2006 HIPAA Compliance and Data Privacy Ensure availability to PHI data is in compliance with individuals rights to access, amend, and receive data Reporting accessed securely from portal Limited use / optional use of SSN Compliance Real-time identify verification (IDV) Compliance with the Office of Foreign Assets Control (OFAC) rules Multi-factor authentication FI and Account Holder HSA Tax Reporting Support for FDIC reporting needs Enforcement of IRS contribution rules Money movement in accordance with Reg E / OCC guidelines Fraud & Security Controls Micro deposit on Customer bank accounts Automatic enforcement of overdraft limitations Maximum distribution configuration options for debit card Daily fraud monitoring reports based on suspect activity Role based security Red flags rule / two-factor authentication Knowledge Based and Adaptive Authentication Quarterly penetration testing

9 Multi-Account Management

10 Integrated Multi-Account Experience One-stop solution for all consumer driven healthcare accounts. Health Reimbursement Accounts Stacked Card Over 1,100 Plan Designs Flexible Spending Accounts Stacked Card with HRA Standard and Limited Purpose Dependent Care FSA

11 Multi-Account Benefits Employer Level CoreSource provides a Unified Experience: Service Experience Financial Processing File Processing Reporting Engages Employers in Their Plans: Near-term benefit design Long-term benefit planning Proven Retention Results (40+%) Satisfies Employers with Diverse Employee Classes: Support any combination of accounts: FSA, HRA, parking, transit, adoption, dependent day care

12 Multi-Account Benefits Employee Level Unified Experience Service Experience Portal Experience Mobile Experience Debit Card Simplicity and Familiarity Supports transition from account designs from one year to the next (e.g., full FSA to limited FSA) Same Portal Same Mobile App Same Debit Card Irrespective of which/number of active accounts

13 CDH Plan Comparisons HSA HRA FSA Health Savings Account (HSA) Health Reimbursement Flexible Spending Account (FSA) Arrangement (HRA) Who owns account? Individual\Employee Employer Employer Who can contribute to the account? Individual\Employee, Employer Employer only Employee and Employer Where are funds held? In HSA Deposit Account Qualified Financial Institution and Mutual Funds By employer Pre-tax payroll deductions allowed? Yes No Yes By employer Annual maximum limit on contributions [ Yes 1 No 2 Yes 3 Entire election available for reimbursement at start of plan year What distributions are allowed? Debit Card 4 No Depends on plan design Yes Request for distribution or bill-pay Online/Paper Debit Card Claim Request for reimbursement or bill pay Online/Mobile/Paper Debit Card Claim Request for reimbursement or bill pay Online/Mobile/Paper 1 IRS-imposed HSA limits for 2017: The 2017 annual HSA contribution limit for individuals with self-only HDHP coverage is $3,400 and the limit for individuals with family HDHP coverage is $6,750. Annual catch-up contributions for those 55 and over: $1, IRS does not impose HRA limits, limits set by employer. 3 In 2017, employee contributions for an FSA cannot exceed $2,600 per IRS Rules. Employer contributions are not subject to limits, but may not discriminate in favor of highly compensated individuals. 4 HSA, HRA and FSA debit cards are automatically restricted for use with medical service providers and for items purchased at retail that are identified as qualified medical expenses based on electronic inventory control codes.

14 Flexible Spending Accounts

15 What is an FSA? Pre-tax benefit account that pays for eligible expenses not covered by insurance Health Care FSA Covers medical, prescription, dental and vision expenses Dependent Care FSA Covers dependent care expenses including daycare, nursery school and day camp for children, and services for adult dependents who cannot care for themselves Limited Purpose Medical FSA Covers dental and vision expenses only (for compliance with a health savings account)

16 Why an FSA? CoreSource FSA Solution Flexible Spending Account Covers what your health insurance doesn t like deductibles, co-pays and other eligible expenses Saves you money on healthcare that you need like dental, vision, prescriptions and more Makes reimbursement for expenses easy the full amount you set aside is available on your first day of coverage

17 Health Reimbursement Accounts

18 What is an HRA? The HRA is an employer-sponsored plan that can be used to reimburse a portion of employees out-of-pocket medical expenses, such as deductibles, coinsurance and pharmacy expenses. The plan sponsor designates and funds the contribution amount that will be credited to each employee s account based on eligibility requirements for the plan. (Only employers can contribute to an HRA) The plan sponsor determines which out-of-pocket qualified medical expenses the plan can be used for. If permitted by plan design, unused account balances will be rolled over to the following plan year.

19 What are the Benefits of an HRA for the Employer? Commonly offered with a high deductible health plan (HDHP). Lower premium costs on the HDHP can reduce the overall healthcare costs for the employer. Employer contributions to an HRA are tax-deductible. Flexible plan design options allow employers to customize the plan to fit the unique healthcare needs and wellness initiatives for their employee population. Cost sharing HRA 50%, Member 50% Payment rules based on product type Rx 20%, Medical 80% Percent of deductible met before HRA applies

20 HRA Product Characteristics Employer Owned Contributions Distributions Account Balance Employee must meet eligibility requirements to enroll in plan. Often paired with a high deductible health plan. (HDHP) Employee may pair with a Flexible Spending Account plan. (FSA) Only the employer can contribute to the account. Contributions made on a predetermined schedule. Third-party substantiation is required for reimbursement. Reimbursements can only be issued for expenses covered under the plan. Claims must be submitted within Run Out period for the plan year. Access to available balance when you meet eligibility requirements for the HRA. Funds may carry over year to year.

21 Mobile App

22 Connected Everywhere All the Time MARKETSHARE: MOBILE OPERATING SYSTEMS 44% ios 68% OF AMERICANS ARE SMARTPHONE OWNERS 45% with tablet 10% of smartphone owners have no broadband at home 52% ANDROID 4% OTHER SMARTPHONES now surpass computers as most common platform 60% of smartphone owners get health information and do online banking 42 APPS on most smartphones 78% abandoned after first use Sources: CIRP, 2014; comscore 2013; PEW 2014; McKinsey 2013; Gartner 2013; Research2Guidance 2012; Altarum 2013

23 Mobile App The mobile app allows consumers to: ü ü ü ü ü ü ü ü ü ü Check available balances & account details Use Quick View to obtain key account info Check claims requiring receipts Submit claims and receipts for reimbursement Retrieve forgot username/password Enter & view expenses via Expense Tracker View eligible expense list Report a debit card as lost or stolen Click to call/ Customer Service Receive text alerts

24 Mobile App Upload Receipts Using Mobile Device Camera

25 Benefits Card

26 CoreSource Card Core product applications Ability to stack multiple accounts on a single card Card Management Portal Industry-leading autosubstantiation (A-S) rates Health Reimbursement Arrangement Flexible Spending Account

27 How the Card Works Cardholder uses Card to pay for eligible items at IIAS merchant that accepts MasterCard (over 50,000 locations nationwide). Eligible expenses are deducted from the account balance at the point of scale Transactions are fully substantiated. No paper follow-up needed. Card can also be used in response to balance due notice from a hospital, doctor, dentist, or vision provider. CoreSource uses its auto-substantiation technology to electronically verify the transaction s eligibility according to IRS rules.

28 Auto Substantiation Auto substantiation (n.) The use of electronic means to verify the benefit eligibility of card transactions Why is auto substantiation important? Required by IRS for FSA and HRA High A-S rate is single biggest success factor for any program using cards for FSA and/or HRA High A-S rate reduces paperwork for participants, thereby increasing satisfaction How does our card achieve the highest A-S rates in the industry? We offer all IRS-approved A-S methods Staff is experienced at working with all forms of claims data on behalf of the employer

29 How We Auto Substantiate 53-60% of Transactions are Pharmacy A-S methods for pharmacy transactions In IIAS participating merchants Inventory Information Approval Systems In 90% certified merchants Retrospective PBM Matching Copayment Matching Recurring Expense Logic For HRA pharmacy restrictions that cannot be handled by IIAS alone 40-47% are Doctor, Hospital, Dental, and Vision A-S methods for doctor, hospital, dentist, and vision transactions Retrospective Third-Party Data Matching (Over 145 carriers, including leading medical, dental, and vision carriers) Copayment Matching Recurring Expense Logic Receive and processes all data files Patented Real-Time Data Matching at Point of Service

30 Plan Stacking on the Card Multi-purse, fully stackable card offering for all benefit plan types Consumers do not need to direct payment to specific plans; it is done automatically at the point of sale based on: Merchant Type Splitting Rules Provides the greatest level of consistency between all claim submission methods Medical FSA Rx HRA Parking Transit Dependent Care Benny Prepaid Benefits Card

31 Easy Employer Implementation The Card integrates with existing benefits (e.g., FSA, HRA) Employer s role Communicate to employees: promotion and education Support substantiation: provide list of carriers, plan copayments, and ID employees by plan Engage finance/treasury for banking (pre-funding and replenishment)

32 Banking & Funding Overview 1. MasterCard processes card transactions from POS on the same day. CoreSource Account MasterCard Bancorp Settlement Account Bancorp Employer Collateral Account Daily Balance Summary Report 2. On the next day, MasterCard is reimbursed from the Bank s Settlement Account. 3. Based on report from CoreSource, the Bank transfers funds from the collateral account to the settlement account for the prior day s Card settlements. 4. The collateral account is prefunded with a nominal percentage of the aggregate annual election amount. Debits to this account must be replenished to settle ongoing transactions. Employer Account 5. Administrator or Employer Account replenishes collateral account daily or weekly. 6. Daily settlements are reported to the client via daily or weekly , either by the Administrator or WEX Health.

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34 Value: Employer s Perspective Self-Service Empowers Consumers 24x7 access to manage accounts Secure, encrypted access to accounts Easy to use interface (saves time) Access to forms on the system Online claim filing Ability to track claims Quick reimbursement with direct deposit Less help is needed from HR (makes your job easier) Consistent Communication & Branding Opportunities Automated communication - alerts One-click answers to benefit questions Employer Portal Empowers Employers Plan details and documentation Employee/Plan Participant research and service Reports - Advanced benefit management tools & analysis available online or via

35 In Conclusion CoreSource Reimbursement Accounts offer the only solution that not only provides a single end-to-end user experience for administering reimbursement accounts, but also removes the complexity from decision making and streamlines healthcare management for consumers. Our solutions support: Flexible Spending Accounts (FSAs) Health Dependent Day Care Health Reimbursement Arrangements (HRAs) Commuter Benefits Plans (Transit and Parking) Adoption

36 Thank you R