Understanding Health Payment Accounts In Beckley, Huntington, Charleston, Morgantown, Parkersburg, WV, Palm Beach, FL, and the Surrounding Areas

Health insurance in Beckley, Huntington, Charleston, Morgantown, Parkersburg, WV, Palm Beach, FL, and the surrounding areas continues to be both necessary and expensive, and while most get their health insurance through their employer, there can still be times when using the health insurance can be expensive due to copays, coinsurance, and more. At Mark E. Snapp & Associates, we introduce employers to Health Payment Accounts offered through HealthEquity in partnership with Paytient.

Health payment accounts provide needed funds up front while offering an easy repayment plan to keep things within budget. This saves employees from having to take a hardship loan from their 401 (k) or other retirement sources, or from having to take out a personal loan with interest, or try to secure funds from family or friends. Health payment accounts bridge this gap and provide the necessary funds when they are needed, allowing people to seek medical treatments and improve their quality of life. Contact us today to learn more about this new augmentation to your health insurance offering.

How Health Payment Accounts Work Alongside Insurance

It is important to note that health payment accounts through HealthEquity and Paytient are not health insurance. Instead, they are a supplement to health insurance that allows employees to pay for fees up front and then repay that balance over time using a variety of options. For example, an employee might have a deductible of $1,000 that they need to pay when using their health insurance, and a health payment account can cover that deductible now and allow the employee to pay this balance off over time as they choose.

Rather than delaying medical help until they have the needed amount of money, health payment accounts allow them to seek treatment as early as possible, heading off more costly issues that will require more time and money compared to dealing with them early on. This keeps your employees in better health and reduces time away from work, while increasing quality of life overall.

Help Employees Manage Out-of-Pocket Healthcare Costs

Unexpected healthcare expenses can create financial stress for employees, even when they have health insurance. Paytient gives employees access to an employer-sponsored healthcare payment card that can be used for eligible out-of-pocket expenses and repaid over time.

Employees can use the Paytient card for eligible medical, dental, vision, prescription, and veterinary expenses, helping them get the care they need without having to pay the full amount all at once.

How the Paytient Card Works

Employees receive access to a physical and virtual Paytient Visa card that can be used for eligible healthcare expenses. The employer determines the amount of purchasing power available to employees based on the benefit offering. After an eligible purchase, the employee selects a repayment plan that works for their budget. Payments can then be spread out over time with no interest and no member fees.

• No Interest or Member Fees
  Employees repay only what they spend, without added interest or member fees.
• No Traditional Credit Check
  Paytient does not pull a credit score when an employee applies. Eligibility does include an affordability review based on income and expenses.
• Flexible Repayment Options
  After each transaction, employees can select the number of payments that best fits their budget.
• Automatic Payroll Deduction
  Payroll deduction is the primary automatic payment method, making repayment easy to manage. Employees may also make one-time payments using a bank account, debit card, or HSA/FSA card.
• Use for a Wide Range of Healthcare Expenses
  Eligible categories can include medical, dental, vision, pharmacy, and veterinary expenses.
• Can Help With Family Healthcare Costs
  Employees may also use the card for eligible healthcare costs for loved ones.