Three technologies changing HSA payments
As the health savings account payment technologies landscape shifts, employers have an opportunity to enhance both their employees’ and their companies’ user experience and capabilities via technology.
Gone are the days of tracking, scanning, faxing and submitting every health care expense, and then waiting weeks for a response. Today’s, health savings account payment technologies means it only takes a few taps on a smartphone or a computer keyboard and, what once took weeks to complete, can be accomplished in mere minutes. In addition to convenience, security is top of mind as well. As cybersecurity continues to evolve in sophistication and prevalence, it’s critical that companies stay abreast of new options to help ensure their employees’ personal data is protected. Following are three solutions making the process of paying medical expenses easier and safer for employees, and analysis, security and oversight more efficient for employers.
As consumers continue to place speed and convenience at the top of their hierarchy of needs, digital payment technologies continue to become increasingly popular. According to a 2018 Mintel trends report, in the not-so-distant future, the act of physically pulling out a wallet, using a credit card and punching in a pin number may seem as ancient as writing a check. Paying for health care expenses is no exception. Some HSA providers‡ are now making it possible for their customers to add their health payments credit card to platforms like the Apple Pay® virtual wallet, so they can make eligible medical expense purchases with only their smart phone. These health savings account payment technologies allows consumers to make secure and confidential transactions without swiping or entering card information.
Online Receipt Retention
Holding on to physical receipts for the suggested three years after an expense is incurred can be challenging, and is frankly out of touch with today’s digitally-focused society. It’s also inconvenient and inconsistent with how other record-keeping practices are currently occurring in other payment areas. Fortunately, some companies are offering technology solutions‡ that track and retain all health care receipts, so HSA reimbursements can be made when needed. From a tax perspective, being able to safely track and manage health care receipts in one place is an important requirement for HSA owners. These type of health savings account payment technologies can also be beneficial for individuals who have an HSA in conjunction with a long-term savings goal, such as retirement planning.
Many companies are now also choosing to move their platforms‡ to a cloud-optimized solution. By doing this, companies can offer more accessible services and applications to help customers manage their healthcare accounts. Depending on the technology, HSA providers can also build new applications rapidly and conduct scale and performance tests through the platform or on-site. Additionally, companies will be able to easily monitor the health and availability of applications.
Employers and employees are expected to benefit from higher up-times, improved performance during enrollment periods and higher quality technical customer service. Adoption of cloud-based technology in health care and financial services is increasing worldwide due to its speed, scale and economic benefits. As the digital revolution continues, companies will continue to push the needle forward when it comes to technology advances in health care. By integrating these health savings account payment technologies, companies are able to provide seamless, streamlined and convenient health care solutions that enhance the experience of customers and clients.
When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.
UMB Financial Corporation