Change Breeds Stability for Your Administration in 2019
December 26, 2019
Change that paves the way for stability. That’s how to best describe your benefits and COBRA administration in 2019. That’s because your benefits technology provider and your administrator came under one cohesive ownership. WEX announced in early 2019 that it was acquiring Discovery Benefits, which gives you assurance in knowing what your administration will look like going forward.
“The overall acquisition has provided us with certainty within the marketplace about where our destination is going to be,” Discovery Benefits Senior Vice President of National Sales Andy Doeden said.
Since WEX was already the technology provider for Discovery Benefits, there’s been virtually no disruption in our service and products as a result of the acquisition.
“The most important thing is that we don’t have employers, consultants, brokers and participants changing platforms,” Doeden said. “We were very strategic. We know where we’re going to end up, and that’s with WEX.”
WEX CEO Melissa Smith said when the acquisition was announced that it “enhances WEX’s position as a leading technology platform in the healthcare space and aligns with our longer-term strategy to further reduce exposure to macroeconomic forces. This combination strengthens our overall value proposition through new partnerships, integrated products and the opportunity to offer a more comprehensive set of solutions.”
What else changed in 2019? Here are a few highlights:
- LEAP™ by Discovery Benefits, which is your online account for administration, was enhanced to make it easier to find our most popular apps, give you access to a Discovery Answers™ knowledgebase to find fast answers to questions and a number of other enhancements focused on making the user experience more intuitive!
- A version of our participants’ Discovery Answers™ knowledgebase our website (no login required). It can be found by clicking the “Get Help” button in the upper-right corner of our website. Once there, participants can search help articles.
- Three federal departments issued a final rule in July that will make two new types of HRAs available in 2020. Discovery Benefits will be able to administer the Individual Coverage HRA (ICHRA) and an Excepted Benefit HRA (EBHRA) in 2020.
- A guidance issued by the IRS and the U.S. Department of the Treasury in July makes it possible for High-Deductible Health Plans (HDHP) and Health Savings Account (HSA) participants to save money on treatment for a number of chronic conditions and still maintain their HSA eligibility starting in 2020.
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