Employee Benefit Accounts Just Got Smarter With BASIC’s New Consumer Driven Accounts System
As an industry leader in employee benefit accounts administration, BASIC knows the problems employers face when offering certain benefits. That’s why BASIC is proud to introduce our new Consumer Driven Accounts (CDA) system, a modern way to manage employee benefit accounts.
While traditional benefit systems cannot support multiple and integrated benefits, BASIC CDA offers over 30 benefit accounts handled by one trusted administrator. Whether you have one account or several, our state-of-the-art fully integrated system lets you and your employees manage your benefit plan(s) with one card, one website, and one mobile app for total convenience. That’s right – account information is connected across all platforms, which means participants don’t have to re-enter data. The Consumer Driven Accounts system is flexible enough to meet changing organizational needs, allowing employers to add more accounts when they choose and “turn off” the plans they no longer need. Employers now have the power to create a custom benefit program tailored to their employees’ specific needs. Choose from a wide range of healthcare benefit accounts including FSA, Simple HRA, or HSA, and combine them with Dependent Care, Commuter, or some of our new accounts like Wellness Rewards and Tuition or Student Loan Reimbursement accounts – all on one intuitive system.
When participants are enrolled in a BASIC CDA plan, they’ll receive their own BASIC Card (a smart benefits debit card) and access to a personal MyCash reimbursement account. When an employee requests a reimbursement, funds are immediately processed and placed into their MyCash account. The BASIC Card can be used anywhere Mastercard is accepted and is smart enough to pay for eligible items from the correct benefit accounts and ineligible items from a participant’s MyCash account – all in the same transaction. For example, an FSA participant goes to the pharmacy to get a prescription, over-the-counter antacids, and a gallon of milk. With the BASIC Card, the prescription and antacids will be paid for with FSA funds, while the milk will be paid for via the participant’s MyCash account. Employee benefit accounts just got smarter!
Just like employers, participants have more control than ever. The BASIC Benefits app includes the new Picture to Pay feature, allowing participants to pay medical bills directly to healthcare providers. Just snap of a picture of the bill, submit within the app, and BASIC pays the bill from the appropriate benefit account. Whether online or using the BASIC Benefits app, CDA also includes smart features like BASIC Card Lock, which lets participants quickly disable a BASIC Card that is lost or stolen and turn it back on if found. Another new feature, MyWallet, allows mobile and web access to digital versions of not only a participant’s BASIC Card, but other important cards like insurance and membership cards.
If your business wants streamlined benefits administration backed by exceptional customer service, request a proposal for a CDA benefit plan today!