I've recently been working on some product challenges at work and, in doing so, was thinking about the customer problem we are trying to solve. In the course of that, I reflected on my own personal experience that brought the difficulties associated with Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) to light for me - and that many other consumers run into when attempting to use their health benefits accounts. A few years ago, pregnant with my second child, open enrollment came around and I decided to max out my FSA benefit as I could foresee spending it in its entirety for co-pays as well as eligible baby and pre- and post-partum products. However, the process of using these benefits proved frustrating: transactions were inconsistently approved at checkout, with some requiring manual substantiation weeks or months later. Even after providing documentation, some transactions were declined, leading to additional administrative burdens. As a post-partum mom with a newborn and a toddler, the effort and frustration involved in trying to use my FSA funds for their intended purpose was simply not worth the savings it promised. This experience led me to opt out of FSA participation in subsequent plan years. It also underscored the need for improvement in the FSA and HSA experience. As an industry, we must streamline the process for using pre-tax dollars for healthcare expenses. Does this resonate with you? I invite you to share your perspectives on the FSA and HSA experience. How can we work together to create a more seamless and user-friendly experience for healthcare consumers? ~~~~~~ Sika Health offers simple HSA FSA payment solutions for retailers to enable consumers to use their health benefit funds seamlessly for the products that support their individual health goals. #FSAAccounts #HSAAccounts #HealthcareBenefits #EmployeeExperience #HealthcareInnovation
Mindy Boehr
3mo
Agree. FSAs are such a hassle that I’ve opted out for years.
So well said and thanks for sharing!! This is one of the key inflection points and also key challenges with FSAs. We’re here to make things easier across the board
Fernanda Murphy
4mo
+1
CEO & Co-Founder @ Propio
4moI completely agree with you. We've encountered several challenges when trying to pay for childcare and medicines using our employers' HSA/FSA. The process always involves scanning documents, logging into platforms we rarely use, and waiting for reimbursement. Sometimes, we're even required to provide additional documentation... the whole experience is very frustrating. What incentives must be aligned between HSA/FSA providers and banks to identify eligible transactions automatically? What would be necessary to create an experience similar to Chase credit card travel credits?