FARGO, N.D.--(EON: Enhanced Online News)--WEX Health, a WEX Company and an award-winning healthcare financial technology platform provider, through its WEX Health Cloud solution, has the features and functionality to immediately bring healthcare relief to small businesses through the recent enactment of the 21st Century Cures Act.
The Act contains the provisions of the Small Business Healthcare Relief Act, which enables small employers with fewer than 50 full-time employees to provide standalone health reimbursement arrangements that can be used to reimburse eligible healthcare expenses including health insurance premiums. The law is effective for plan years beginning after December 31, 2016, but importantly, it provides transition relief through that date so that any small employers with non-compliant plans will not be penalized.
WEX Health Cloud includes account-based options with extensive and flexible HRA plan capabilities and well as advanced billing options. Consumer-friendly tools including a mobile app and intuitive dashboard help consumers quickly get a complete picture of their medical expenses. Additionally, WEX Health Cloud’s HRA capabilities include a wide array of payment capabilities, including debit cards, mobile app, recurring payments, and claims/premium Exchange.
WEX Health was first to bring the issue of HRA arrangements to the attention of lawmakers and staff on Capitol Hill three years ago, in response to multiple rulings from IRS, HHS, and DOL that effectively outlawed these arrangements. The Cures Act overturns that guidance and enables small businesses for whom offering a group health plan is not practical to provide assistance to their employees to cover health insurance premiums and out-of-pocket expenses.
WEX Health maintained the leadership position in advocating for this important change, along the way building an important coalition of business and industry groups and generating true bipartisan support. WEX Health appreciates the hard work of many committed and passionate lawmakers, most importantly, Representatives Charles Boustany, Jr. (R-LA) and Mike Thompson (D-CA) and Senators Chuck Grassley (R-IA) and Heidi Heitkamp (D-ND), and their staffs that made this outcome possible, as well as the support of many WEX Health Partners who participated in advocacy efforts on behalf of this important reform.
About WEX Health
WEX Health, through WEX Health Cloud, a cloud-based healthcare financial management platform, drives efficiency for benefit administration technology, consumer engagement, and advanced billing and payments. Its partner organizations enable it to deliver its solution to 200,000 employers and more than 17 million consumers. Learn more at www.wexhealthinc.com, and follow WEX Health at @WEXHealthInc.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,500 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.