MyChoice Accounts Helps Employees Take Advantage of Their Dollars

Employees are under financial stress 

Good financial health and its impact on every part of a person’s life is something we can’t overstate. Our Benefits Insights Report found that while 83% of employers said their employees were financially healthy, only 55% of employees self-reported they were actually financially healthy. This is an essential discrepancy for employers to acknowledge as nearly half of employees, 48%, cited financial concerns as the cause of lower mental health. 

Making the most of tax-advantaged accounts 

Tax-advantaged accounts are a way employers can empower employees to manage their health and wealth in a better way. When properly designed and administered, these accounts can help minimize an employee’s negative financial impacts, enable better decision-making, and drive more positive outcomes.  

Unfortunately, spending and savings accounts can be confusing—with some types expiring, multiple deadlines for spending or submitting receipts, some that never expire, and various funding models.  Members can often leave money on the table by not knowing how to use their funds, not knowing what’s eligible, or the worst-case scenario—not using their FSA funds by the end of the year.  

Members also have to figure out where to find their balances and submit claims if their benefits information is in one platform or app, and their accounts are in a separate system. Benefits can be complex enough without performing a scavenger hunt to get simple details. 

A new way to help employees take control of their dollars 

Our most recent development to MyChoice Accounts is Claim Choice. This innovative feature allows participants maximum flexibility when determining how they’d like to use their dollars, helping them make the most out of their tax-advantaged accounts. 

Claim Choice is a free addition that empowers MyChoice Accounts participants to review recent claims submitted by their health, dental, or vision carriers or any other provider of services, such as wellness, gym, or daycare providers.  

We streamline the expense, so participants are notified and then decide how they want to use the approved amounts, either now or in the future. This feature can be used alongside our stacked debit card to facilitate reimbursements or payments for HSAs, FSAs, HRAs, or Lifestyle Accounts.  

While claims feeds typically support auto-substantiation of card swipes for healthcare FSAs, Claim Choice can now assist with stockpiling claims for tax support from an HSA, paying a provider directly, or reimbursing a member quickly. Claim Choice leverages these same integrations, allowing members to review and pay for claims from their account not already paid with a debit card, providing an easy way to manage their money and maximum decision-making power at the member level. 

Help your employees avoid end-of-year forfeiture 

Put simply, Claim Choice should help avoid the dreaded situation in which an employee still has dollars sitting in their FSA account at the end of the year unsure of what to do — leaving them to either scramble and find receipts or buy unnecessary items to spend down their balance. This is a big issue, the average amount an employee forfeited in 2022 was $441! For HSA members, Claim Choice is a great way to “vault” eligible expenses for future withdrawals. 

With Claim Choice, members can instead see all the claims they incurred throughout the year and, with a click of a button, apply their funds to the claims that are already approved expenses and get those dollars back in their wallet. 

The MyChoice Accounts difference 

MyChoice Accounts is proprietary and lives within the same platform employees enroll and manage the rest of their benefits. What do proprietary consumer accounts mean for you? For one, we can make ongoing feature updates as needed without waiting on partner product teams for every fix or enhancement. We are consistently developing MyChoice Accounts to make it more accessible for your employees. Not only are we executing an aggressive roadmap based on our own consumer accounts expertise and industry knowledge, but we also review member feedback to make updates. 

Recently, we integrated all HSA investing into our proprietary platform to bring members a cost-efficient and cutting-edge fund lineup and simplified member experience. We then extended that capability into our MyChoice Mobile App, so members could manage their accounts and investments in the palm of their hand. 

Beyond our ability to respond quickly to the needs of our clients and the market, MyChoice Accounts is the only proprietary consumer accounts engine in the industry that is fully embedded within a benefits administration system. A system equipped with an AI-powered virtual assistant, Sofia, who can help members track down a claim status or provide their balance quickly and easily. 

We deploy a one-app, one-platform, and one-wallet approach. Employees can track their deductible and HSA balance in the same place they file their dependent care FSA claims. And this all happens in the same platform where they find their telemedicine provider and enroll in everything from accident insurance to vision plans. This one-stop-shop approach simplifies the employee benefits experience and gives them everything they need in one system. 

Get to know MyChoice Accounts and how it can help you and your employees.