FARGO, N.D.--(BUSINESS WIRE)--Evolution1, Inc., a WEX Company, together with Visa and The Great-West Life Assurance Company – a leading group benefits provider in Canada – are pleased to highlight the success of Great-West Life’s Health SolutionsPlus product, an advanced approach to Canadian healthcare spending accounts (HCSAs) and the first of its kind in Canada.
Health SolutionsPlus is an innovative approach to benefits plan design that empowers plan members with more choices and a convenient electronic payment method. Since the initial release in 2010, the new payment method has proven itself as the preferred platform by plan members.
Great-West Life uses the prepaid card technology platform of Evolution1 to administer HCSAs. With Health SolutionsPlus, Great-West Life takes HCSAs a step further, enabling plan members to use their Health SolutionsPlus Visa® payment card at the point of service to pay for eligible healthcare services and supplies such as prescription drugs, vision care, dental expenses, and paramedical treatment.
“We are committed to continually advancing the customer service experience and being a leader in the innovative use of technology for our customers,” said Stefan Kristjanson, executive vice-president of Great-West Life’s Group Insurance Division. “In addition to providing plan sponsors with new options for benefits plan design, plan members will also be empowered to choose how and where they spend their healthcare spending account funds, thereby offering significantly increased convenience and flexibility. We are pleased to work with Evolution1 to deliver this important service to our group insurance customers and their plan members.”
Evolution1 recently released a white paper based on a consumer survey outlining plan member reaction to the Health SolutionsPlus Visa payment card. Results of the survey indicated that 81 percent of plan members who have used the card are very satisfied with it, and 84 percent said the card was helpful in managing the cash flow of their benefits. The white paper can be downloaded here: http://www.evolution1.com/assets/Uploads/Evolution1_HealthSolutionsPlus_012115.pdf.
“We are extremely proud to collaborate with Great-West Life, a true market innovator,” said Chris Byrd, president and COO of Evolution1. “The consumer survey results confirm that the card generates high degrees of both consumer engagement and satisfaction. Additionally, the Health SolutionsPlus Visa payment card positively affects an employer’s overall benefit offerings as evidenced by the survey finding that almost 80 percent of respondents said the card had a positive impact on the group benefit experience, suggesting a ‘halo effect’ on the employee’s perception of the employer’s overall benefit program.”
With Health SolutionsPlus, employers can:
- Tailor the expenses that can be paid for using the Health SolutionsPlus Visa payment card to their plan, providing superior plan cost management and customization.
- Provide added convenience to plan members – they can swipe their Health SolutionsPlus Visa payment card at any approved provider location, reducing time and use of paper as there are no claim forms to complete.
- Reduce plan members’ out-of-pocket expenses while making HCSA credits more accessible through the card.
According to Rob Nicholson, head of commercial solutions at Visa Canada, “Visa has long believed in the value of Visa payment products like Health SolutionsPlus to drive efficiency and customer satisfaction across the insurance industry.” This view was seemingly endorsed by the industry, as the Great-West Life Health SolutionsPlus Visa payment card was named an award winner in the 2014 Prepaid & Payments Awards.
About Evolution1, Inc. – a WEX Company
At Evolution1, Inc. –
a WEX Company, we simplify the business of healthcare. We do that
through innovative healthcare software and payment solutions that
administer and manage consumer directed accounts. But we don’t do it
alone. Our network of partner organizations enables us to deliver our
industry-leading solution to 90,000 employers and more than 10,000,000
consumers across the country. Together we take the complexity out of
defined contribution, HSAs, HRAs, FSAs, VEBAs, PRAs, wellness plans and
transit plans. Learn more at www.evolution1.com.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of
corporate payment solutions. From its roots in fleet card payments
beginning in 1983, WEX has expanded the scope of its business into a
multi-channel provider of corporate payment solutions representing 9
million cardholders and offering exceptional payment security and
control across a wide spectrum of business sectors. The Company’s
operations include WEX Bank, Fleet One, Evolution1, WEX Australia, WEX
New Zealand and WEX Europe, as well as a majority equity position in
UNIK S.A., (Brazil) and WEX Europe Services (England). WEX and its
subsidiaries employ more than 1,900 associates. For more information,
visit www.wexinc.com.
