WiredBenefits Launches Wellness Incentive Platform

SAN FRANCISCO--(BUSINESS WIRE)--WiredBenefits, a leading provider of prepaid healthcare solutions, has launched the Wellness Rewards Program, a simple, cost-effective and web-administered platform for employers to dispense wellness incentives program rewards. The WiredBenefits Wellness Rewards Platform allows employers to load tax advantaged incentive reward dollars onto a Wellness Reward Card – a debit card to be used strictly for healthcare services, products and activities – further encouraging healthy behaviors and extending the reach of a company’s incentive dollars.

“What’s happening today in health, happened 30 years ago with pensions: corporations pushed the accountability for retirement savings onto employees. Now we are gradually shifting the financial burden of health care onto employees”

“What’s happening today in health, happened 30 years ago with pensions: corporations pushed the accountability for retirement savings onto employees. Now we are gradually shifting the financial burden of health care onto employees,” explains Rick Lee, CEO of Healthrageous. “Firms like Wired Benefits are uniquely positioned to combine new financial structures with the emerging health and wellness program options to address the shifts occurring in employee benefits. We laud the innovative designs pioneered by Wired Benefits and how they complement the wellness designs that firms like ours are developing.”

Incentives programs are widely popular among employers and considered essential for driving healthy behaviors and reducing costs: a Watson Wyatt Worldwide survey of 585 midsized and large companies found that employers are using incentives to encourage employees to complete Health Risk Assessments (53 percent), improve personal health (43 percent) and use lower cost providers (21 percent).

“Employers are investing between $100 and $600 per employee per year in healthcare incentives,” said Charles Marshall, CEO of WiredBenefits. “With the WiredBenefits Wellness Rewards Program and Wellness Reward Card, employers can maximize the return on their investment while providing additional, tax advantaged healthcare dollars to their employees.”

The WiredBenefits Wellness Rewards Program differs from traditional incentive rewards, such as debit and retail gift cards, or merchandise and cash, in several ways: 1) it can be completely tax-free and free of tax administration costs, 2) employers maintain complete control over the funding of the reward, including targeting spending to healthcare products and services, and 3) employers may retain control over unused funds or “breakage” on the cards. The card is supported by a sophisticated administrative web platform, which allows employers and other sponsors to easily manage their programs online. Employees can also access and manage their card balances via the personalized website.

“As health care shifts toward wellness and prevention, products like Healthcare Rewards will prompt powerful new incentive programs”, said Matt Sanders, CEO of tele-health provider iMetrikus, “For example, individuals who self-monitor conditions may be rewarded directly for tracking their own biometrics.”

The most exciting portion of the new incentives offering is the opportunity for employers to design unique programs that allow third parties to reward employees for reaching designated goals. The system can support any type of rewards or loyalty programs.

In addition retailers can opt-in to the program to offer special promotions and couponing to employee participants. The WiredBenefits Platform allows retailers or manufacturers to easily integrate these incentives and rewards with existing loyalty programs.

Third parties, such as health advocacy groups, fitness or weight loss partners, health plans, retailers or PBMs, are able to load incentive awards and dollars onto individual cardholder accounts. For each health goal achieved, additional compensation is rewarded and can be used to further enhance employee health. “This cyclical program promotes healthy living while reducing the healthcare costs of the employer,” added Marshall.

WiredBenefits will be hosting an exhibit in booth #2120 at the National Association of Chain Drugstores 2010 Pharmacy and Technology Conference. The NACDS conference takes place Sunday August 29, 2010 through Tuesday August 31 at the San Diego Convention Center in San Diego, CA. Interested parties can schedule a meeting or drop by the booth to learn more about the unique Wellness Rewards Platform.

About WiredBenefits, Inc.

WiredBenefits is a pioneering program manager in the field of prepaid healthcare, offering a system of prepaid cards and back-end solutions for the healthcare industry. WiredBenefits’ mission is to enable the industry to facilitate the transition of its products and services to the new “retail” environment. To learn more about WiredBenefits please visit www.wiredbenefits.com and www.prepaidhealthcare.com.