RokketMed Prepaid Health Reimbursement Arrangement (HRA) Medcard for Business
Accessing Health Care Made Easier
RokketMed offers an employer-provided prepaid health reimbursement arrangement (HRA) medcard that can be used with providers in the RokketMed marketplace and with any medical provider that accepts credit cards. Similar to how Health Savings Accounts (HSA) are used, the debit card allows employees to pay the medical provider of their choosing with their available health care funds that are employer-provided.
The 2020 change to federal rules related to HRAs has expanded the available options for employers, which are especially attractive as companies weather the COVID-19 crisis and look for ways to provide insurance continuity for employees through layoffs and hour reductions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, also expanded uses for HRAs to include the purchase of over-the-counter medical products and feminine hygiene products without a prescription from a physician.
The 2020 HRA options are the Excepted Benefits HRA, the Qualified Small Employer HRA, and the Individual Coverage HRA. Each of these products allows consumers to use their funds for same-day care or medical expenses, ranging from urgent care centers to co-pays and health insurance deductibles. For a comparison of the new HRA options, see here.
RokketMed takes the friction out of seeking medical assistance -- employees or contractors don't have to fear upfront out of pocket expenses as they know how much money they have to spend. And with the RokketMed online marketplace, employees can search by symptoms to find same-day, nearby care with transparent upfront pricing.
The RokketMed Medcard can be used as a bonus or a retention strategy for employees. It can be a supplement for insured workers to cover co-pays or insurance costs, or allow employees to purchase their insurance on a healthcare exchange. It provides flexibility for employees to seek the providers of their choice, wherever they are, sometimes avoiding costly emergency room visits, as urgent care centers offer many services for acute issues like burns, cuts, bruises, to cold and flu treatments. And these health care funds can be used for family members. Sign-up to learn more here.
Are you an employer who needs a compliance solution for San Francisco’s Health Care Security Ordinance (HCSO)? Non-insurance based solutions often have low utilization rates and provide little value to employees, while the RokketMed Medcard will function more like cash allowing employees to seek medical services of their choice with employer contributed health care dollars. Sign-up here to learn more about the HCSO compliance product or about how the HRA Medcard works.