4 Tips to Simplify Savings With Your Benefits Plan
January 24, 2019
Technology is evolving faster than ever before. And these advances help to create a seamless, efficient experience that makes it even easier for you to spend funds and manage your plans. Here are a few easy ways you can make the most of your benefits plan by taking advantage of the technology available to you.
More than three-quarters of Americans own smartphones, and 20 percent of Americans access the internet only through their smartphones. That demand has led to businesses investing to provide the best mobile experience to their consumers.
You can perform many benefits-related tasks from the palm of your hand with the Benefits Mobile App by Discovery Benefits. From the app, you can:
- View statements and notifications, check balances and see account activity.
- Upload documentation with your phone’s camera.
- Request a mobile distribution from your Health Savings Account (HSA).
- View HSA investment details and performance.
- Scan an item’s barcode with your phone’s camera to determine its eligibility.
Debit cards are the most popular payment method for Americans, with 44 percent saying they prefer to use their debit cards over credit cards, cash or other payment options.
An innovative debit card can also transform your benefits plan experience. Our benefits debit card makes it easy for you to spend your funds. When it’s used anywhere that offers an Inventory Information Approval System (IIAS), you simply swipe your card for automatic approval of anything that’s an eligible expense. And you only need one benefits debit card for all of your plans.
Take advantage of recurring care reimbursement
A Dependent Care Flexible Spending Account (Dependent Care FSA) is a smart way to save money on qualifying expenses for:
- Childcare for children under age 13, when they’re claimed as qualifying dependents.
- Care for a disabled spouse or dependent of any age.
If these expenses are recurring, simplify the reimbursement process by enrolling in our Recurring Dependent Care program. This program lets you easily receive reimbursement for eligible dependent care expenses by submitting just one reimbursement form per year for each care provider used.
Integrate your commuter smart card
More and more Americans are turning to mass transit and ridesharing for their transportation needs. Commuter Benefits plans let you save up to 40 percent on your commuting expenses. And if you live in select cities, you can access your funds directly from your transit authority’s smart card through the Discovery SmartCommute™ program. Discovery SmartCommute™ lets you load your Commuter Benefits funds directly onto your smart card from your online account each month.
Looking for more information on maximizing your benefits? Check out our blog post with more tips for managing your benefits plan.