After three years in development, PreAxia Health Care Payment Systems Inc. has taken the curtain off their automated platform for managing Health Spending Accounts (HSAs) in Canada. PreAxia allows HSA brokers to more easily offer and manage HSA accounts. PreAxia technology simplifies fund-management, claims adjudication, transaction processing and on-line health benefit administration, through a broker’s own web site. This automation results in cost savings for both HSA brokers and the companies that purchase these services.
An HSA is a special bank account to set aside funds for personal health care. Similar in ways to an RRSP, this account offers tax advantages to both employers and employees. Unlike the more traditional insurance plans, HSAs provide employers and employees with greater control in the amount of funds invested and how the funds are used. Employers determine the amount of money they wish to deposit into an HSA and employees use these funds to pay for a broad range of health care services. PreAxia’s platform provides the on-line tools to manage the plan, generate reports, communicate with employees, submit claims and be reimbursed for health related expenditures. These accounts are available through health insurance brokers and financial advisors. More information on HSA accounts can be found at PreAxia’s broker web sites which are accessible through www.PreAxia.com.
PreAxia’s HSA Management Solution is designed for agents (health insurance brokers and financial planners) that service small and medium sized companies. PreAxia technology aids these agents in promoting their HSA services. Each PreAxia broker is provided with a custom branded web site and employers requiring HSA services are directed to this site through PreAxia’s main portal. The technology eliminates the need for paper documentation and provides software tools for the ongoing management of these plans for both brokers and their employer/employee clients. It provides secure online transactions in the funding of these plans and the disbursement of employee claims.
With PreAxia, Brokerage Firms and Brokers can create their own health spending account program. The system provides the tools to establish a privately branded health spending account product as well as design a web site and marketing material to complement the brand. The platform also provides tools to manage new customer relationships and an automated enrolment process.
PreAxia plans to roll out a clinic module in the coming months that will help link consumers with health care practitioners in their local market.