Automated HRA Cost-Sharing Solution Released for Pharmacy-Specific Expenses
Consumer-directed benefits program provider Choice Strategies announced the launch of its new automated health reimbursement account (HRA) solution, RxAbility, for pharmacy cost-sharing. The debit card-based solution allows employers and employees the ability to customize cost-sharing arrangements for out-of-pocket pharmacy expenses. The solution works on a per-transaction basis at the point of sale.
“This new automatic debit card-based feature makes it easy for employers to implement pharmacy cost sharing plans that strengthen participant engagement, encourage responsible utilization and increase plan satisfaction,” said Nicole Williams, Senior Director, Choice Strategies. “It’s a solution that helps advance the goals of consumer-driven healthcare for both employers and employees.”
“Employers are increasingly offering consumer-directed health plans (CDHPs) to their employees and need solutions that encourage participation and increase satisfaction,” said David R. Oscar, Managing Member, Altigro Resource Group, LLC, a New Jersey-based insurance agency. “Eliminating the need for participants to pay out of pocket at the point of sale for pharmacy will make it easier and more attractive to offer and participate in a CDHP with HRA and flexible spending accounts (FSAs). This is a functionality the industry needs.”
RxAbility is usable with any carrier health plan and can be individualized to match financial goals and benefits needs for employer groups of any size. The solution may be used not only as a standalone product but in tandem with high-deductible health plans with HRA.
“RxAbility delivers automatic cost sharing at the point of sale for pharmacy transactions regardless of how the plan is designed or administered,” said Williams. “It’s a flexible solution that can provide benefits to carriers, third-party administrators (TPAs), members and participants.”