Managing employee benefits has become increasingly complex and highly competitive as companies are experiencing pressure to reduce costs without sacrificing plan quality. As a result, many employers have begun offering tax-sheltered flexible benefit accounts to their employees, such as flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), transit, and dependent care accounts – as a means to help mitigate the rising cost of healthcare and other benefit related expenses.
However, due to software limitations, many benefit plan administrators are still contending with inefficiency and margin erosion related to manual processes and disconnected workflows. Meanwhile, plan participants are clamoring for a simpler, quicker way to submit claims and be reimbursed for qualified expenses.
A Single Solution
BenSoft is a single, on-demand solution for managing flexible benefit account balances and claims administration processes – AND a multi-purse benefit debit card in one single platform. The comprehensive BenSoft offering combines the best features of FIS’ former Benefits Payment System and multi-purse debit card capabilities, with our RepayMe flexible benefits administration platform. The convenience and simplicity of having administration and debit card capabilities in a single solution creates significant efficiencies for the administrator and ease of use for the participants – who benefit greatly from the card’s auto adjudication of claims, allowing them to better leverage the built-in pre-tax advantages of their flexible benefit accounts and more easily access benefit account funds.