PHILADELPHIA--(EON: Enhanced Online News)--GlobalFit®, the nation’s leading provider of physical activity programs for businesses around the world, today announced the launch of the FitBucks Rewards™ Reimbursement Program. The program provides insurance providers and employers a platform to reimburse members and employees for engaging in healthy behaviors.
“Health Plans not only need product differentiation in the hyper-competitive exchange marketplace, but when calculating Medical Loss Ratio, reimbursement dollars paid out count towards medical expense.”
Whether it be for the completion of a health risk assessment, the purchase of a bike helmet, having an active gym membership, or the tracking of a specific number of gym visits, the FitBucks Rewards platform is capable of managing all aspects of the reimbursement process from registration and validation through payment.
FitBucks Rewards allows the program administrator to establish the types of activities for which the individual may be reimbursed and the amount of the reimbursement. Additionally, the administrator can determine the frequency of the payout, method of validation and form of payment. Payments can be made in a variety of ways, including electronic funds transfer to checking and savings accounts, the use of American Express© reward cards or through traditional payroll. If the individual is already a member of a gym in the GlobalFit network, the payment may be applied directly to their account.
“Rewarding employees for investing in their own health has always been a good idea -- FitBucks Rewards now makes it simple,” said Andy Greenberg, GlobalFit’s Senior VP of Product Development and Marketing. “There are many companies and insurers incentivizing healthy behavior by reimbursing and rewarding participants, but most will tell you that it’s an administrative burden that requires the attention of multiple departments and causes no shortage of headaches. With FitBucks Rewards, employers can outsource the entire process – from deciding what to reimburse through validation and payment – and focus on other priority issues and programs.”
Insurance Providers including FitBucks Rewards in Exchanges
As part of The Affordable Care Act, insurance providers are offering health insurance directly to consumers through Exchanges. FitBucks Rewards enables those providers selling on the Exchanges the ability to offer a turnkey, private label fitness reimbursement solution.
The program is capable of collecting and managing user data in a variety of ways, including:
- Online, self-reported tracking
- Receipt upload
- Gym visit history upload
- Minimum activity level achievement
“While employers utilize FitBucks Rewards to effectively outsource every aspect of their in-house reimbursement programs, our insurance clients realize an additional set of benefits,” added Greenberg. “Health Plans not only need product differentiation in the hyper-competitive exchange marketplace, but when calculating Medical Loss Ratio, reimbursement dollars paid out count towards medical expense.
GlobalFit is the leading provider of physical activity programs for American businesses. After more than 20 years in business, GlobalFit remains focused on incrementally increasing employee activity levels with programs for all populations, from the sedentary to the highly active. GlobalFit offers a gym network known for its guaranteed lowest cost at 10,000 fitness centers in North America. Additional programs include Destination: You, a step-tracking program with a solid track record of sustained engagement, and GetActive, which features a variety of motivating workout tools including hundreds of Exercise On Demand videos. For more information on how GlobalFit is "Changing Lives through Physical Activity," visit www.globalfit.com/b2b.