Connecting Health & Healthcare: Unlocking HSA/FSA and Insurance Eligibility
In collaboration with Connected Health and Fitness and Flex, Mohammed Iqbal joined industry leaders Sam O’Keefe and James Li to discuss navigating the complexities of HSA/FSA eligibility and insurance.
Here are some highlights from that discussion:
HSA vs. FSA: Understanding the differences is crucial. HSAs are consumer-owned, roll over yearly, and require a high-deductible plan, while FSAs are employer-owned and typically “use it or lose it.” With many consumers losing nearly $500 annually in unused FSA funds, businesses have an opportunity to tap into this revenue.
Healthcare Integration: Fitness businesses can either bill insurance directly as providers or establish direct contracts as vendors. With 60 million HSA/FSA accounts holding $150 billion, integrating these payment options can unlock a significant market for your services.
Dual-Purpose Eligibility: Products and services that serve both wellness and medical needs can qualify for HSA/FSA payments with a physician’s Letter of Medical Necessity. This flexibility allows customers to use their funds more effectively, boosting business sales.
Payment Compliance: To accept HSA/FSA payments, businesses need the right infrastructure, such as an IIAS system, and proper product eligibility listings. Ensuring compliance facilitates smooth transactions and helps attract and retain customers using these accounts.
Boost Revenue: Offering HSA/FSA payment options can increase order values, conversion rates, and customer engagement. Simplifying the checkout process with Letters of Medical Necessity can boost conversions by up to 20%, especially as FSA funds expire at year-end.
Healthcare Partnerships: Becoming a “pro-vendor” with health plans, similar to Mighty Health, strengthens relationships with insurers, leading to referrals, co-marketing opportunities, and new revenue streams that benefit both businesses and customers.
Thank you, CHF and Flex for inviting us. Watch the full webinar on-demand here.