Premium Points Program

One of the biggest challenges to small and medium size businesses today is providing healthcare benefits to employees. With ongoing changes in healthcare and continually rising costs, this is one of the biggest concerns of business managers and owners. Small businesses are seeking new models for preserving affordable health care options for employees - but are increasingly dropping plans due to the high cost of coverage.

The new WiredBenefits Premium Points Program addresses many of these issues with an innovative new offering. This is a small business card program that streamlines business spending and operates to lower the cost of providing employee health care coverage.

WiredBenefits offers a small business credit (and/or debit) card with an integrated health plan and health rewards program. The card is issued to eligible small businesses who may distribute multiple cards under a single account to employees. The small business card features are identical to those of the card issuer's current card program, although this account is linked to a small business health plan and health rewards program.

The health plan sponsor can offer a reduced premium plan (relative to similar types of plans not linked to the card) or a standard premium plan that enriches the conversion of spending into premium points (e.g. % of premium discounts for every dollar of card spend, with the health plan, the issuer and participating retailers each subsidizing a % of the reward).

Spending on the cards is converted into points. Different rewards redemption options include:

• Offset of employee premiums owed under the health plan
• Reimbursements of eligible employee health care expenses under an employer-sponsored HRA plan linked to a HDHP

The program also offers funding of a closed loop selective spend prepaid card for use by employees in purchasing eligible health care products and services. The card program established by the small business card issuer can be a standard small business card issued in the name of the business.

• Open loop Visa/MC
• Cobranded with health provider partner
• A credit line for making business purchases
• Authorization controls limit the amount of credit available to individual employee cardholders
• Card features are identical to existing cards

The health plan provides a limited menu of health plan options and is available for selection by the business. These plans are expected to be high deductible/mini med plans. The rewards program comprises rules for earning and redeeming rewards based upon cardholder activities and transaction events.

For more information on the Premium Points Program, please contact info@wiredbenefits.com.