FSAok(R) AnyCard(TM) Makes FSA Purchases Painless; Innovative automatic claims service launches with WageWorks.CONSHOHOCKEN, Pa., & SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif. -- Finpago, the leader in FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) automation for in-store purchases, and WageWorks, the nation's leading provider of consumer-driven tax-advantaged spending accounts, announced today the availability of FSAok AnyCard. This new service provides flexibility and convenience to flexible spending account flexible spending account, n an employee reimbursement account primarily funded with employee-designated salary reductions. Funds are reimbursed to the employee for health care (medical and/or dental), dependent care, and/or legal expenses and are (FSA) account holders by automatically selecting prescription and over-the-counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) medication purchases and submitting them for reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. . Through WageWorks' Health Care Choice card program, employees of more than 1,000 participating employers now have access to FSAok AnyCard. FSAok AnyCard is revolutionary because it enables consumers to register any credit, debit or participating frequent shopper card, and their FSA-eligible purchases are captured automatically when they shop at a participating retailer. Finpago's patent-pending technology powers the service, and WageWorks is the first benefits administrator to roll it out to their members. FSA and other consumer-directed health care accounts provide terrific benefits to consumers in managing health related expenses. However, the average household with an FSA account uses it for less than half of eligible purchases. Many miss eligible items, such as OTC medicines or prescription co-pays, simply because they aren't sure what their plan permits, or the claim process is too much trouble. The FSAok AnyCard service makes using pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern funds for FSA-eligible purchases easy. When you use your registered credit, debit or frequent shopper card at an FSAok retailer, FSAok automatically selects eligible FSA purchases and submits electronic receipts and claims to your FSA administrator for you. This service makes it possible for you to pick up eligible over-the-counter medicines and prescriptions at retail locations including grocery stores and mass merchants, without having to worry about filling out claims paperwork. "Consumers are definitely the big winners here. Once they've registered with FSAok and tell us how they normally like to pay, FSAok AnyCard does the rest by automatically collecting the electronic receipts and submitting claims for eligible items," stated Fred Hawkins, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Finpago. "But everyone, including employers and merchants, benefits when we take the paper out of the process." WageWorks administers health care flexible spending accounts through the Health Care Choice Account, a convenient health care spending account solution that enables employers and employees to easily deploy and manage FSAs, health saving accounts (HSAs) and health reimbursement arrangements (HRAs). By complimenting its Health Care Choice card with the FSAok AnyCard service, WageWorks provides its customers with more choices and flexibility on where they shop for their health care products, and eliminates the inconvenience of paper claims. "FSA debit cards An FSA Debit Card is a special type of debit card issued in the United States to access tax-favored spending accounts such as flexible spending accounts (FSA) and health reimbursement accounts (HRA), and sometimes health savings accounts (HSA) as well. have been important for the growth and value of our consumer health care account offerings. FSAok AnyCard provides consumers with an easy new tool to capture the full potential of their consumer health care accounts," said Brandon Wood Richard Brandon Wood (born March 2, 1985 in Austin, Texas) is an Major League Baseball third baseman for the Los Angeles Angels of Anaheim. He bats and throws right-handed. , Director of Product Marketing for WageWorks. "It makes it easy and convenient to automate the majority of eligible in-store health care purchases." Consumers wishing to take advantage of AnyCard simply need to register any card that they normally shop with - such as any credit card, check card, or frequent shopper card, at their benefits administration website. Shopping as they normally would - at a grocer, mass merchant, or pharmacy -- they can check out all at once and AnyCard will automatically separate the purchases and send an electronic receipt and claim for only FSA-eligible items so the shopper can get an automatic reimbursement from their FSA, HRA HRA Health Reimbursement Arrangement HRA Health Risk Assessment HRA Housing and Redevelopment Authority HRA Human Resources Administration HRA Health Reimbursement Account HRA Housing Revenue Account or HSA HSA Health Savings Account (US) HSA Human Serum Albumin HSA Human Services Agency (Nevada) HSA Health Services Agency HSA Health and Safety Authority (Ireland) account. The employee can even log onto their benefits portal, to review their eligible purchases and automatic claims and choose to have them automatically submitted. In addition to its benefits to consumers, FSAok offers unmatched convenience to employers and merchants too. Employers simply need to request FSAok AnyCard from their benefits administrator. AnyCard is already available to employees of WageWorks' more than 1000 participating employers. FSAok AnyCard is also compatible with existing FSA Debit Card programs. "Employers look to WageWorks for cutting-edge benefits that deliver the greatest value to their employees, and WageWorks is growing quickly because they deliver on that promise," continued Hawkins. "AnyCard enables their clients' employees to enjoy their tax-advantaged accounts without the hassles. This great new program enables WageWorks to bridge the gap between an employee's casual interest and active participation - now, everyone who wants to save money with their health care purchases can. There is no reason not to." Integration is also simple for drugstore, grocery, and mass-market retailers, with retailers representing thousands of locations having already joined the FSAok program. Consumers can identify these merchants wherever they see the colorful FSAok logo, beginning later this year. About Finpago Finpago provides FSAok(R), the first independent clearinghouse solution for automating in-store health care purchases. FSAok makes FSA, HRA and HSA tax advantaged consumer healthcare accounts easy for consumers, gives drug store, grocery and mass merchant retailers the tools to deliver customer convenience, while giving employers and account administrators a platform reducing costs, and enhancing the value and savings of tax advantaged consumer healthcare accounts for their employees and members. Finpago's patent pending software and security infrastructure make installation, HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, and PCI (1) (Payment Card Industry) See PCI DSS. (2) (Peripheral Component Interconnect) The most widely used I/O bus (peripheral bus). compliance easy, which is why the nation's largest pharmacy and over-the-counter (OTC) retailers and FSA, HRA and HSA account administrators are choosing FSAok for their customers and participants. Finpago is headquartered in Conshohocken, PA. For more information, please visit www.FSAok.com, e-mail info@finpago.com or call (610) 572-2468. FSAok is a registered trademark of Finpago, Inc. About WageWorks Established in 2000, WageWorks is the nation's leading provider of tax advantaged consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and savings programs, including flexible spending accounts, health savings accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. , health reimbursement arrangements, commuter benefits Commuter benefits is the common description of what the Internal Revenue Service calls "Qualified Transportation Fringe Benefits" (QTFB) or Section 132(f). The [IRS Final Regulations on Qualified Transportation Fringe Benefits] may be found at [1] and COBRA. The unique delivery platform features online tools and provides the flexibility to work with any combination of health insurance carrier or financial institution. WageWorks' debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. compliment the delivery platform to provide complete integration of all health account activity to ensure ease of use and ready access to employee or employer contributions. Many of America's largest employers and millions of their benefits-eligible employees seeking to save money and make smart choices about their health care, dependent care and commuter expenses use WageWorks. WageWorks ranked No. 26 on Inc. Magazine's 2006 list of 500 fastest-growing private companies in America. WageWorks is headquartered in San Mateo, Calif., with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago, Washington, D.C., Phoenix, Ariz., Mequon, Wis., and Troy, Mich. For more information, please visit www.wageworks.com, e-mail WageWorks at info@wageworks.com or call 650-577-5200. |
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