Bend Launches Flexible Spending Account (FSA) and Health Reimbursement Arrangement (HRA) Offerings
Offerings Complement Bend’s Next-Generation Health Savings Account (HSA) Platform, Enabling One-Stop Shopping for Employers and Brokers
Bend Financial (Bend), provider of a platform that helps improve individual financial wellness and corporate benefit offerings, launched a pair of complementary benefit account offerings, enhancing its ability to provide employers and brokers with a comprehensive solution for their employees’ healthcare needs.
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“At Bend, we are dedicated to helping make healthcare more affordable for all employees, especially as costs are expected to rise in the wake of the global pandemic,” said Tom Torre, CEO and co-founder of Bend Financial. “These additional healthcare account options will help ensure that employers and brokers have a variety of options open to them as they plan out competitive benefits packages for their employees or clients.”
Bend’s new Flexible Spending Account (FSA) is available to those who receive any type of health insurance coverage through their employer. It is funded with pretax dollars and can be used to pay for out-of-pocket healthcare costs. Both employees and employers can contribute. With an FSA, the employee has access to the entirety of their account at any time, however funds do not gain interest and anything not spent is lost at the end of the year.
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A Health Reimbursement Arrangement (HRA) account is designed to help employees pay for medical expenses that are not covered by their health insurance. HRAs are solely funded by an employer, there are no fixed contribution limits, and they are compatible with most types of health insurance plans. The HRA account does not earn interest and any funds in it are forfeited if the employee changes jobs. Contributions are tax deductible for employers.
These accounts serve as a compliment to Bend’s Health Savings Account (HSA) offering, which demystifies the complexity of HSAs with personalized guidance, making it easy for anyone to plan, track and pay for healthcare expenses. Bend’s platform makes this possible through advanced technologies that learn individual employee behaviors and situations, predict outcomes and deliver actionable advice.
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