Latest news with #reimbursement
Yahoo
2 days ago
- Business
- Yahoo
WEX Introduces AI-Powered Claims Tool to Simplify FSA Reimbursements
New technology improves speed and efficiency of the claims reimbursement process, giving time back to both consumers and HR teams PORTLAND, Maine, July 21, 2025--(BUSINESS WIRE)--Today, WEX (NYSE: WEX) announced the launch of a new intelligent claims tool that helps people get reimbursed from their flexible spending accounts (FSAs) faster and more easily. For HR teams looking to make the FSA reimbursement process easier for their employees, this new AI-powered tool will take the guesswork out of submitting a claim by making sure documentation is complete, accurate, and easy to verify, right at the time of submission. Boasting more than 97% precision in determining the correct reimbursement amount for valid claims during the claims process, this tool will help cut down on busywork by automating key steps like checking receipts, pre-filling claim forms, and quickly approving eligible claims for reimbursement. This will reduce friction in the overall reimbursement process, helping to approve eligible claims in minutes, not days. "Today's health and benefits teams are doing more with less," said Jennifer Whitmire, senior vice president of product for health and benefits at WEX. "By building smarter tools that automate the most frustrating parts of the process, we're helping our partners offer a faster, more modern experience without adding extra burden to their teams." What this means in practice WEX's new AI-powered tool is making the claims experience faster, easier, and more reliable. By simplifying each step from verifying documents to processing reimbursements, WEX is helping people get their money back with less hassle and giving HR teams a smarter way to manage claims. These new capabilities include: Document verification that alerts consumers in real time if information is missing Smart form completion that pre-fills key fields to reduce manual errors Fast claim assessment that can approve eligible documents for claims reimbursement in minutes, not days This new claims tool tackles the most common reasons for denials, like missing documentation or ineligible expenses and gives users a more predictable, seamless experience from start to finish. Some of these additional benefits include: Faster payouts: Claims that used to take two business days can now process in under two minutes Greater accuracy: More than 97% precision in determining the correct reimbursement amount for valid claims during the claims process Less work for HR teams: Intelligent automation reduces busywork and manual review More confidence for employees: Real-time feedback helps ensure claims are complete and accurate the first time Built with security and scalability in mind This launch is part of WEX's broader investment in building smarter, more modern tools that scale with the needs of customers and partners. It's powered by a secure data infrastructure and guided by strong governance practices. It meets HIPAA standards and follows strict protocols to keep personal data protected. "We've made — and will continue to make — significant investments in data-driven and AI-powered innovation," added Whitmire. "We're building solutions the right way, focused on long-term value, not just speed. Our goal is to give people time back, reduce friction, and make the experience simpler at every step." According to the Bureau of Labor Statistics, 72% of state and local government workers and 47% of private-sector employees had access to FSAs in 2024. With usage growing year over year, WEX's new claims tool arrives at a critical time to support both employers and consumers ahead of open enrollment. WEX's AI-powered claims tool is available now for HR administrators, their brokers and consultants looking to enhance their FSA reimbursement process. To learn more about how WEX's AI-powered innovation in FSA claims reimbursement drives savings, boosts benefit engagement, and helps reduce administrative burden, visit About WEX WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements including, but not limited to, statements regarding the expected benefits resulting from the Company's launch of its new AI claims benefit tool. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "positions," "confidence," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including the ability of the Company and its customers to realize the expected benefits of its new AI benefits claims tool; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 1, 2025 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise. View source version on Contacts Investor Relations:Steve Elder, Media:Kelly Gibson, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Buried in Trump's beautiful bill is a new $250 fee on travelers to the U.S. Estimates project it could cut the federal deficit by nearly $30 billion
A provision in the One Big Beautiful Bill Act states all visitors who need nonimmigrant visas to enter the U.S.—tourists, business travelers and international students, to name a few—must pay a 'visa integrity fee,' currently priced at $250. Travelers who comply with their visa conditions will be eligible for reimbursement. The provision is estimated to bring in $28.9 billion over the next decade. Visitors to the United States will need to pay a new fee to enter the country, according to the Trump administration's recently enacted bill. A provision in the One Big Beautiful Bill Act states all visitors who need nonimmigrant visas to enter the U.S.—tourists, business travelers and international students, to name a few—must pay a 'visa integrity fee,' currently priced at $250. The fee cannot be waived or reduced, but travelers are able to get their fees reimbursed, the provision states. All told, the Congressional Budget Office estimates the new fee could cut the federal deficit by $28.9 billion over the next ten years. During the same period, the CBO expects the Department of the State to issue about 120 million nonimmigrant visas. In 2023 alone, more than 10.4 million nonimmigrants were issued visas, according to DOS data. CBO expects a 'small number' of people will seek reimbursement, as many nonimmigrant visas are valid for several years. CBO also expects the Department of State would need several years to implement a process for providing reimbursements. Still, the fee could generate billions, the agency estimates. The fee is set at $250 during the U.S. fiscal year 2025, which ends Sept. 30, and must be paid when the visa is issued, according to the provision. The secretary of Homeland Security can set the current fee higher, the provision states. During each subsequent fiscal year, the fee will be adjusted for inflation. Those eligible for reimbursement are visa holders who comply with conditions of the visa, which include not accepting unauthorized employment or not overstaying their visa validity date by more than five days, according to the provision. Senior Equity Analyst at CFRA Research Ana Garcia told Fortune in an email she expects the 'vast majority' of affected travelers to be eligible for reimbursement, as historical U.S. Congressional Research Service data indicates that only 1% to 2% of nonimmigrant visitors overstayed their visas between 2016 and 2022. 'The fee's design as a refundable security deposit, contingent upon visa compliance, should mitigate concerns among legitimate travelers.' Garcia wrote. Reimbursements will be made after the travel visa expires, the provision said. Any fees not reimbursed will be deposited into America's Checkbook, or the General Fund of the Government. What's unclear is the effective date of the 'visa integrity fee.' Steven A. Brown, a partner at the Houston-based immigration law firm Reddy Neumann Brown PC, wrote in a post on his firm's website the fee's 'specific start dates have not yet been confirmed.' Brown points out that the fee is an add-on to others already required by U.S. travelers. 'For example, an H-1B worker already paying a $205 application fee may now expect to pay a total of $455 once this fee is in place,' Brown wrote. Most travelers are also required to pay a fee that comes with submitting a Form 1-94 arrival and departure record. The One Big Beautiful Bill Act increased this charge from $6 to $24. CFRA's Garcia expects demand to be unmoved by the fee, considering 'higher-income' consumers comprise the majority of international leisure and business travelers to the U.S. 'For affluent travelers, the additional $250 represents a manageable increment relative to overall trip costs,' Garcia wrote. 'The fee structure appears strategically designed to enhance compliance rather than broadly restrict travel.' This story was originally featured on Solve the daily Crossword
The Independent
16-07-2025
- Business
- The Independent
£66m returned to APP scam victims in first six months of rules going live
Some £66 million was returned to victims of authorised push payment (APP) scams in the first six months of a new reimbursement scheme going live, according to a regulator's figures. Rules requiring banks to reimburse people who have been tricked into transferring money to a fraudster were launched in October last year. Under the shake-up, banks must reimburse APP fraud victims, unless the customer has been grossly negligent. Figures released by the Payment Systems Regulator (PSR) showed that in the first six months of the new rules, 87% of money lost to APP scams in scope of the policy was returned to victims, equating to £66 million. Consumers reported around 109,000 claims, with 77,000 in scope for reimbursement. Nearly nine in 10 (86%) claims were closed within five business days. In the update on its website, the PSR said: 'The data shows positive outcomes for consumers in the first six months of our policy. 'Reimbursement rates were high, firms responded to claims promptly, and there was no indication of people being significantly less cautious.' Some £27.6 million was reimbursed in the first three months of the new rules, rising to £38.4 million in the following three-month period. A reimbursement limit of £85,000 applies under the rules, although banks can choose to go further than this and repay higher amounts. The new protections apply when a transfer is made to and from a UK bank account. They cover transactions made from October 7 2024 onwards and do not apply retrospectively. Previously, many bank customers relied on a voluntary code to get their money back. Concerns were raised that consumers faced a refund 'lottery'. Criminals will often pose as trusted institutions such as banks, companies or Government departments to persuade people to part with their cash, with scams becoming increasingly sophisticated. They may also use artificial intelligence (AI) and deepfake videos to make scams seem even more plausible. There are various reasons why an APP scam claim is not reimbursable under the policy, for example if it is a civil dispute, the PSR said. Around 3% of claims in the first six months of the new rules were rejected due to the consumer being deemed not to have taken enough caution. This equated to around 1,100 rejections in the first three months of the new rules being launched and 1,700 claims turned down in the following three months.
Yahoo
16-07-2025
- Health
- Yahoo
Local woman reimbursed by Frontier Airlines after missing dream cruise, losing medical supplies
A local Colerain Township woman missed a dream cruise because her flight from CVG Airport was canceled. She also lost $300 in medical supplies that made it to the cruise when she couldn't. Now, Frontier Airlines has reimbursed her not only for the flight, but also for her loss in medical supplies.
News.com.au
15-07-2025
- Business
- News.com.au
Break it Down: EBR gets approval for WiSE in reimbursement scheme
Stockhead's Break it Down brings you today's leading market news in under 90 seconds. In this episode, host Tylah Tully takes a look at EBR Systems (ASX:EBR), which has received preliminary approval from the US Centers for Medicare and Medicaid Services (CMS) to participate in the Transitional Pass-Through (TPT) reimbursement scheme. The scheme encourages hospitals to adopt breakthrough technologies that deliver clear clinical benefits but aren't yet covered under standard Medicare payments. and will drive adoption for EBR's WiSE CRT System. Watch the video to learn more. While EBR Systems is a Stockhead advertiser, it did not sponsor this content. Originally published as Break it Down: EBR gets approval for WiSE in reimbursement scheme
