For years, one of the biggest challenges for small employers with HRAs (Health Reimbursement Arrangements) and FSAs (Flexible Spending Accounts) was that employees were required to submit receipts and EOBs (Explanation of Benefits) for every claim. Many employers have gotten rid of these plans due to the significant amount of effort required by employees to take advantage of the benefit.
Employees are required to submit receipts and EOBs per the IRS guidelines that require all HRA and FSA transactions, even those made using a health care debit card, to be substantiated (verified that the purchase was an eligible medical expense). This process is tedious for employees and extremely time consuming for Third Party Administrators (TPAs).
So, what is EOB Harvesting Software?
It is software that makes HRAs and FSAs popular to all again, employee and TPA alike! The software collects EOBs from insurance companies’ online portals on behalf of employees. This eliminates the need for employees to submit receipts and EOBs to administrators for substantiation of debit card transactions and reimbursements.
Are you a TPA and administer HRAs and FSAs? Are you an Employer that wants to make your HRA or FSA better for your employees? Contact us at TPA Stream to learn more about our EOB Harvesting Software and how we can make HRAs and FSAs better for TPAs, Employers and Employees. Visit our website at www.TPAStream.com or send an email to firstname.lastname@example.org.