WEX Health has launched a benefits card with Fifth Third Bank in Cincinnati, Ohio and employee benefits administrator Chard Snyder to help manage employee health plans.
The Consumer Directed Healthcare Solution is designed to help employers more easily administer employee benefits and employees to manage their different financial accounts – including Health Savings Accounts, Flexible Spending Accounts and Health Reimbursement Arrangements – through a single platform, portal and card.
"It's one more way we can help businesses save money and help their employees understand and utilize these tax-savings accounts," Jimm Bell, director of card services for Fifth Third Bank, said in an Aug. 2 news release. "As benefits become even more important for employee retention, it's a smart service for companies to offer."
Companies will be able to manage enrollment and eligibility, fund accounts, send automated messages and handle other employee management functions with the portal, which also provides implementation and servicing functionality, data access and reporting and fraud protection and security. Employees can track expenses, manage payments, plan and budget via the multi-account card. Chard Snyder will provide information and support on pre-tax benefits and long-term savings goals.
"Fifth Third wants to empower its clients to offer the right account and the right solutions for their employees to take control and manage their own health care expenses," Bell said.
WEX Health technology services more than 200,000 employer groups and more than 17 million consumers.
