Keeping on trend with new developments in the group benefits space means that you can seize opportunities when they arise. In this article, we review AYA; a credit-card based Health Spending Account.
If you offer benefits to your employees now, you may have heard of a situation where an employee can’t afford to pay for the product or service they need and wait for reimbursement – even if that process only takes a few days.
Why Health and Wellness Accounts? We are strong believers in letting employees invest in what matters most to their wellbeing. Financial empowerment, lower insurance costs and sustainability make these types of accounts attractive to both employees and employers.
Indeed, according to the Sanofi Healthcare Survey conducted in 2020, 57% of plan sponsors are offering non-taxable health spending accounts, and 35% are offering wellness accounts. 51% of those respondents believe that these types of accounts will play a more significant role in the next five years.
Health Spending Accounts have been identified as one of the factors creating an incentive to stay with an employer, linking this benefit to job satisfaction, and workplace wellness culture.
But out of pocket expenses can be a barrier to some. Moreover, for some plan members, technology-driven solutions can also be a hinderance.
Aya Care is a new way to pay for health and wellness accounts with the use of a pre-paid credit card.
With similar functionality and cost structure to other stand-alone health and wellness spending account platforms, Aya might be a fit if your plan members struggle with monthly cash flow.
Please contact us to learn more.