The healthcare payment product provides Cardmembers easy and convenient access to their healthcare flexible spending accounts (FSA). The Benefits Plus Card issued by American Express provides easy access to flexible spending accounts. In an agreement with PayFlex and WageWorks, the card will be offered to corporations and their employees. As part of the agreement, PayFlex and WageWorks will manage the payments and claims process.
Employees contribute pre-tax dollars through payroll deductions to their FSA account to fund qualified medical expenses, such as medical office visits, dental care, vision care, prescription drugs, deductibles and co-insurance payments. Cardmembers simply present the new Benefits Plus Card at any American Express accepting healthcare merchant location and the purchase amount is deducted directly from the FSA account.
With Benefits Plus, employees do not need to pay for qualified FSA healthcare expenses out of their own pockets and wait for reimbursement checks. In addition, they can track their account contributions and expenditures online and by phone.
In addition to the Benefits Plus Card, American Express recently announced the American Express HealthPay Plus(SM) Card that provides easy access to the Health Savings Account funds.
PayFlex is a leading nationwide provider of healthcare spending account administration with nearly 20 years of experience. PayFlex provides a broad range of services to nearly 2,000 employers, including several Fortune 500 companies that employ several million employees. PayFlex has distinguished itself in the benefit administration market by offering unmatched customer service, exceptionally fast claim turnaround time and a commitment to flexibility. Services provided include FSA, HRA, HSA, Transit and Dependent Care, along with COBRA.
WageWorks is the leader in its field providing consumer-driven tax advantaged spending accounts for health care, dependent care, and commuter benefits. Its strength comes from its exemplary service to both employers and their employees through an integrated open platform technology focused on service enablement. On demand account information, the flexibility to work with any combination of health insurance carrier or financial institution, and convenient payment options that include stored value and online bill pay, set WageWorks apart from all other providers. WageWorks health care pre-paid debit cards are built-in to the account platform providing complete integration of all account activity and a high rate of auto-substantiation, eliminating the need for employees to submit receipts for the majority of transactions. WageWorks' core competency is providing benefits administration services for flexible spending accounts, health savings accounts, health reimbursement arrangements, COBRA, and commuter pre-tax employee benefits. WageWorks supports many of America's largest corporations.
