NueSynergy’s smart debit card is always included at no cost and provides a convenient method to pay out-of-pocket medical expenses for you, your spouse, and/or any dependents. The card is automatically issued to all Flexible Spending Account (FSA) and Health Savings Account (HSA) participants, as well as for Health Reimbursement Arrangement (HRA) plans (when compatible with the plan design).
Here’s how the smart debit card works:
- Funds are deposited into your benefit account in real time
- When you swipe your debit card, funds are pulled directly from your benefit account to pay the service provider on site. Since it’s a smart card, swiping to pay providers is thoughtless for the user, as the funds will automatically pull from the correct account.
Here are also two important details to know about NueSynergy’s debit card:
- Allows participants to auto substantiate 80% of claims
- Any out-of-pocket expenses that require reimbursement will be paid out via direct deposit or personal check
An ICHRA is an acronym for an Individual Coverage Health Reimbursement Arrangement. This is a reimbursement account set up and funded by an employer that helps pay for health insurance premiums incurred throughout the plan year. This is also designed to help offset out-of-pocket financial responsibilities associated with an employee’s healthcare. Additionally, the funds in this account can be used to pay for individual health insurance premiums each month.
A Health Reimbursement Arrangement (HRA) is an account funded by your employer that helps pay for qualified medical expenses acquired throughout a plan year. Here’s how you can benefit by participating in one.
- You can use HRA account fund dollars to pay for doctor visits, copay, prescription drugs, and hospital services.
- The funds in your account could be available from day one. They could also only be available as the employer deposits them into the HRA or any combination thereof. This will differ from employer to employer, as there are many different plan design options in a group HRA setting.
- Funds that remain in your HRA at the end of the plan year may be carried over to the next year.
- You can add HRA funds to your NueSynergy debit card to pay your providers for necessary healthcare expenses depending on plan design. In other cases, you will be able to file a claim for reimbursement and receive a refund for the expense from the HRA and into your personal bank account.
To learn more about an HRA and all of its utilizations, check here.
A Spouse Saver Health Reimbursement Arrangement (HRA) helps cover up to 100 percent of out-of-pocket expenses like copays, coinsurance, and deductibles during doctor and hospital visits incurred by an employee’s spouse.
This cost-saving resource is possible once an employee enrolls in their employer’s group health insurance plan. Instead of adding their spouse to the plan, the spouse can take advantage of their employer’s group health insurance plan. Once enrolled in the plan, the spouse provides proof of coverage to the employee. Once verified, the employee’s company sets up an HRA for the spouse to use for their in-network, out-of-pocket expenses. To learn more about a Spouse Saver HRA and review other useful information, check here.