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Fast reimbursements motivate staff to use the full range of healthcare benefits, giving firms a competitive edge when upgrading their benefits plans
Fremont, CA: When an employee has a health condition, benefit programs are critical to preserving his living level. Employers who give these advantages to their employees get a better reputation as caring employers. These are the benefits that an employee receives and their compensation, and they have nothing to do with performance.
Elevate collaborated with Visa to adopt Visa Direct1, Visa's real-time2 push payments technology, which will allow Elevate clients to provide their workers with rapid and efficient access to outstanding healthcare reimbursements.
Employees' difficult and time-consuming experiences obtaining reimbursements for covered medical and associated expenditures using their FSAs, HSAs, and HRAs have hampered the uptake and usage of employer-provided healthcare coverage throughout the United States.
Employers may utilize the Elevate program to provide a secure and entirely user-friendly service to their employees, who no longer be stymied by the difficult procedure of reporting or obtaining reimbursements for approved medical expenditures. Elevate's embeddable, API-driven, full benefits administration platform manages and powers out-of-pocket costs while using OCR (optical character recognition) technology to read uploaded receipts and reimburse employees the same day via payroll deduction to their checking accounts, Venmo accounts, or even now, with Visa Direct, to their qualified debit cards and prepaid debit cards in real-time.
We consistently hear from employers how frustrating it is that it takes employees so long to get their benefit reimbursement claims processed and paid. With rising costs of everything, getting employees' money back into their hands as quickly and easily as possible is core to Elevate's mission," said Brian Cosgray, CEO, and co-founder, Elevate. "By integrating Visa Direct into Elevate's platform, we're enabling real-time reimbursements for employees, thus enabling a competitive edge for employers looking to improve their benefits programs.
Elevate simplifies the lives of companies and workers by delivering innovation, convenience, and security to HSA, HRA, FSA, commuting benefits, and other benefits. Elevate allows workers to effortlessly access, plan, and manage their pre-tax benefits from a single, user-friendly dashboard, whether on the web or mobile. All benefits are accessible and supplied via a single contactless card. Claims get handled immediately, and payment occurs within minutes.