“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.
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 complement 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.
Bend is committed to providing the most comprehensive benefit solutions for employers and brokers who are navigating the complicated healthcare and benefits systems. To learn more about Bend’s products and services, please visit: bendhsa.com/fsa-hra.
About Bend Financial
Bend Financial helps to improve individuals’ financial wellness, while enabling employers, brokers and financial institutions to offer a differentiated benefit offering. The company’s platform simplifies saving for healthcare, offering personalized guidance that makes it easy for anyone to plan, track, and pay for their expenses. For more information, please visit www.bendhsa.com, read our blog and follow us on Twitter and LinkedIn.
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