SmartHealth PayCard, LLC (SHPC), a healthtech payment solutions leader, today announced a merchant partnership with BenefitHub to make its SHPC Mastercard® available as part of BenefitHub’s marketplace of employee benefits and discounts.
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Tens of millions of employees working for organizations ranging from startups and non-profits to the world’s largest publicly-traded companies use BenefitHub to access a host of financial and wellness benefits as well as discounts that on average help them save $4,900 a year on a wide range of consumer products and services.
BenefitHub users will be able to apply for the SHPC Mastercard through the BenefitHub portal. After an approval process that takes minutes, cardholders will receive immediate access to a revolving credit line of between $3,000 and $30,000 to pay for routine, preventive, urgent, emergency and elective healthcare; complementary and alternative medicine; dental, vision and veterinary care; and a wide range of other health-related services and expenses. Other benefits include 85 percent savings on prescriptions at pharmacies nationwide, $5,000 in Accident Medical Expense coverage and $5,000 in Accidental Death insurance.
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SmartHealth PayCard is also a valuable safety net that can be used to handle out-of-pocket expenses at a time when health insurance premiums, deductibles and coinsurance costs continue to rise. According to the KFF 2020 Employer Health Benefits Survey, the average health insurance premium cost paid by employees for family coverage has increased nearly 40 percent over the past decade. Over the same time frame, the average single coverage annual deductible has grown by 79 percent.
“Employees are shouldering a much greater share of the cost of their healthcare to the point where it’s putting care out of reach for many,” said SHPC co-founder Jeff Blankinship. “We’re pleased to be part of the BenefitHub marketplace to help millions of workers bridge the gaps in their insurance coverage and get the care they need when they need it.”
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