Medicare enrollment is projected to grow by about 1.5 million annually through the end of 2029. As more and more baby boomers become eligible for Medicare, the demand for cutting-edge ability for members to spend Medicare Advantage funds also grows. Here are four ways you’ll benefit when your members enjoy a smooth Medicare Advantage supplemental benefits debit card experience.
Members easily access funds
Those who participate in a Medicare Advantage plan still have Medicare. And the vast majority (about 96 percent) of those people enrolled in Medicare are seniors. Providing supplemental benefits to this population with an easy-to-use debit card is especially important to this population because retirees are often on fixed incomes and may not have disposable income to spend out of pocket and seek reimbursement later.
With a Medicare Advantage supplemental benefits debit card, you can also ensure that members have the ability to use it from one year to the next. This will reduce the potential for any processing and spending issues.
Your members have provider flexibility
The debit card you choose to provide your members will influence how much spending flexibility they have with different providers. For example, we’ve built our supplemental benefits debit card to work with any dentist. That means if your member’s dentist switches employers and ends up out of network, they can still use their WEX card.
Maintain brand familiarity
Did you know the average American carries four credit cards? The ability to provide supplemental benefits with a single debit card will make it easier for your members to keep track of all their cards. Not only can offering a private-labeled debit card can make a real difference for them; it can also boost your company’s brand awareness!
Easy ability to stack additional benefits
Just as benefits participants enjoy a simplified experience with multiple benefits on one debit card, the same applies to your Medicare Advantage members. Medical, dental, vision … there are a variety of benefits you might be providing your members. Providing a supplemental benefits debit card that supports all of your solutions will make it so much easier for your members to manage their funds.
We’re also developing technology to make debit card spending even better. Recently, we made an update to our technology to allow your members to get automatic approval of over-the-counter medications and healthy foods connected to the items’ UPC codes. Check out our website to learn more about our Medicare Advantage supplemental benefits debit card.
The information in this blog post is for educational purposes only. It is not legal advice. For legal advice, you should consult your own counsel.