Consumer Accounts Technology (2024)

MyChoice Accounts gives employees the power to manage their accounts on the go. With omni-channel communications and Sofia, our virtual benefits assistant, we’ve designed the consumer spending account experience to be easy to access, use, and manage.

Here’s a look at how we help ease the administrative burden and streamline employee engagement with HSAs, FSAs, and HRAs:

• Enrollment and eligibility management
• Communication fulfillment with email templates, in-platform notifications, and more
• MyChoice^® Mobile App so employees can view and manage balances, claims, documentation upload, and HSA investments
• Built-in, plan-specific alerts for upcoming deadlines and extensions
• Claim status tracking for monitoring reimbursem*nt and payment progress
• Next-gen payment processing, and continuous updates to claims process

Our technology-first approach, powered by our team of experts, is designed to reduce manual processes and provide our admins with everything they need for smooth benefits sailing. MyChoice Accounts administration is designed to make HR’s life easier.

Here’s how we do that:

• Real-time Customer Identification Program (CIP) with a >99% average pass rate
• Automated data exchange with carriers to boost auto-substantiation
• Financial and participant reporting
• Member services and an AI-based virtual benefits assistant, Sofia
• Compliance support to help keep your program up to date

Help your employees invest in their financial wellness. Consumer accounts play a critical role within your healthcare and cost reduction strategies and, when properly designed, can minimize negative financial impacts associated with high deductible plans, improve employee engagement, and enable them to become better consumers of healthcare.

We support:

• Health Savings Accounts (HSAs)
• Flexible Spending Accounts (FSAs)
• Reimbursem*nt accounts
• Commuter benefits
• Education accounts
• Adoption and surrogacy assistance
• Goal savings accounts
• Lifestyle spending accounts

Keeping your benefits administration work in one space is key to reducing HR workload and increasing your team’s efficiency. MyChoice Accounts can integrate with the Benefitsolver system for seamless one-stop shop benefits experience. Our single-source, configurable platform enables you to manage the consumer accounts experience alongside other critical aspects of your plan, including:

• Enrollment & Eligibility
• Direct billing, including a closed-loop payment from HRA if needed
• Payroll
• Reporting analytics
• COBRA Administration
• ACA Tracking
• Verification services
• Benefits communications
• Exchange