- Smart Employee Benefits Inc. (SEB), has signed a letter of intent with Everyday People Financial Inc. to launch a personalized healthcare spending account program
- The accounts are designed to help business owners save on medical costs
- Everday People and SEB are the first to introduce this program to the Canadian Market
- Everyday People stated it will operate as the program manager and SEB will operate as the spending accounts program administrator
- Smart Employee Benefits Inc. (SEB) is down 6.25 per cent trading at $0.15 per share as of 3:21 p.m. ET
Smart Employee Benefits (SEB) has signed an LOI with Everyday People Financial to launch a healthcare spending account program.
Everyday People Financial is a financial technology and consumer financing company,
According to SEB, healthcare spending accounts help business owners save on medical costs by turning an after-tax personal medical expense into a before-tax business expense.
SEB stated the health spending account is especially relevant to small companies and self-employed business owners.
Everyday People and SEB are the first to introduce this integrated membership-based employee healthcare spending account and credit card program to the Canadian Market.
This program represents a large specialty opportunity targeting the healthcare spending accounts market, currently estimated at over $8 billion premium in Canada. The companies objective is to capture a minimum of 20 per cent market share.
“Members of this [healthcare spending accounts] program are issued a spending account for health care and wellness services tied to a Mastercard®… This provides more financial flexibility in managing health care options and an improved customer experience, allowing immediate reimbursement of health care expenditures at the point of sale,” COO of SEB Mohamad El Chayah, remarked.
Everyday People stated it will operate as the program manager and SEB will operate as the spending accounts program administrator.
Smart Employee Benefits Inc. (SEB) is down 6.25 per cent trading at $0.15 per share as of 3:21 p.m. ET.