This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

TSYS HealthcareSM Launches Enhanced HRA Card Functionality

Stocks in this article: TSS

TSYS Healthcare, a leader in multi-purse benefit card processing, recently introduced innovative and market-leading card functionality for Health Reimbursement Arrangements (HRAs), a key component of the consumer-directed healthcare (CDH) space. TSYS’ enhanced HRA functionality, coupled with technology-leading Web services capabilities, brings a complete, real-time HRA solution to the benefit market.

With the implementation of the Affordable Care Act, employers and administrators must look for ways to provide new healthcare coverage options while reducing overall healthcare and administrative expenses. TSYS Healthcare's new HRA functionality accomplishes both of these objectives by providing debit card access to HRA plans and incorporating a TSYS Healthcare Partnership Model for revenue sharing.

“The true cost of HRA administration lies in the cumbersome process of claims submission and reimbursement. We can greatly reduce this cost and add value to your client offerings by implementing a card program for your HRA plans,” said Trey Jinks, group executive, TSYS Healthcare. “Additionally, TSYS Healthcare’s Partnership Model generates income for administrators from HRA and other benefit card activity to offset administrators’ seemingly ever-increasing costs. This helps turn what was once an administrative cost into an income-generating opportunity while providing the convenience of a healthcare debit card.”

Traditionally, benefits administrators have struggled to provide a debit card option to most HRA members due to the complex and customized nature of HRA plans. TSYS Healthcare realized this challenge and has developed a comprehensive solution that allows benefits administrators to provide debit card access to virtually all HRA plans.

This enhanced functionality will allow benefits administrators to:

  • Track out-of-pocket (OOP) expenses at an “individual” or “family” level while preventing access to HRA funds on the debit card until the OOP amount has been satisfied.
  • Track HRA utilization at an “individual” or “family” level as needed, or after the OOP amount has been satisfied.
  • Define authorization rules at allowable locations for:
    • Fixed dollar-amount transactions, such as co-pays (Ex: $5, $15, $30)
    • Transactions that fall within a certain dollar range (Ex: Min. $1 - Max. $50)
    • Percentage authorizations from 0-100%
  • Authorize transactions at varying percentages based on tier level (i.e. First tier pays $0 to $500 at 50%; Second tier pays $501 to $2,500 at 80%)

About TSYS Healthcare

TSYS Healthcare, based in Columbus, GA, was created as a division of TSYS in 2007 to provide end-to-end solutions tailored to the emerging market of consumer-directed healthcare. TSYS Healthcare is a founding member of the Special Interest Group for IIAS Standards (SIGIS), formed in 2007 to enable real-time, auto-substantiation for eligible medical items purchased with a FSA/HRA payment card. The division provides financial institutions, insurers, participants and third-party administrators (TPAs) with the expertise and support to navigate all aspects of health savings accounts (HSAs), health reimbursement accounts (HRAs), flexible spending accounts (FSAs), parking/transit accounts, wellness benefits and rewards. Its processing model enables consumers to use a single card to access their healthcare dollars.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,043.83 +69.52 0.41%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,549.2260 -15.0680 -0.33%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs