Item: BenefitWallet
Rating: 7
Author: Verified User

Overall Satisfaction with BenefitWallet

Use Cases and Deployment Scope

This is the Health Savings Account solution we chose to offer company-wide with our health insurance benefit plan. It works in conjunction with Medical Mutual health insurance, and provides a nice way for users to receive contributions and manage disbursements. The simple interface provides a relatively easy experience for users.

Pros and Cons

Pros

Provides educational resources for HSA members
Easy to send in a contribution
Nice reporting feature
Allows direct payments to providers

Cons

Security was an issue for us
Customer service lacked follow through on a fraud matter
Tricky to confirm contributions for a prior year are recorded correctly

Most Important Features

Ease of use
Reporting
Ability for user to self-service
Security

Return on Investment

Employee NPS rose 3 points once we moved to an HSA
Employee retention has improved
Easier to attract new employees

Alternatives Considered

BenefitWallet was recommended to us by our Health Insurance Broker, so we did not explore other options. However, BenefitWallet is nice in that you don't need to keep receipts and transactions are generally accepted and not declined as happens with other providers.

Key Insights

Do you think BenefitWallet delivers good value for the price?

Yes

Are you happy with BenefitWallet's feature set?

Yes

Did BenefitWallet live up to sales and marketing promises?

Yes

Did implementation of BenefitWallet go as expected?

Would you buy BenefitWallet again?

Yes

Likelihood to Recommend

While the user interface is relatively easy to use and offers nice functionality, from out experience, we had an issue that their fraud security was weak. One of our cards was somehow used out of state, at a pharmacy that it had never been used at before, with 3 transactions for exactly $100 each every day. One would think that some type of software AI would have flagged that as suspicious activity, but no. It was caught when the member tried to use the card and it was declined, and the last $100 transaction was processing, draining the account to zero. We called customer service, and they said paperwork was coming out - one document for each transaction, which was a huge amount of paperwork - via next day air to file the fraud claims. They were also supposed to put a freeze on the account immediately. After a week, NO paperwork had arrived, and when I called in to track it down I also found that the CSR had NOT shut the account down and the fraudsters were attempting further withdrawals of transactions for

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Easy to Use, But Customer Service Needs Improvement