Personal Finance News
Bilt Partners with Walgreens for Automatic FSA/HSA Program
Bilt has announced a unique partnership with Walgreens that will not only mean bonus points for members but could also help them make use of their Flexible Spending Account (FSA) or Health Savings Account (HSA) benefits.
About the partnership and program:
This week, Bilt and Walgreen launched a new program together. With this feature, when members shop at Walgreens using a linked credit or debit card, Bilt’s system will be able to automatically identify FSA/HSA-eligible items. Then, members will be able to apply for their benefits.
In addition to this feature, Bilt members will now be able to earn bonus points on Walgreens purchases. Members who pay with a linked card can earn 2x points on Walgreens-branded items and 1x points on all other Walgreens purchases. Plus, customers can earn 100 Bilt points on prescription refill purchases when they opt-in, subject to certain exclusions. These points come in addition to existing card rewards, meaning that Bilt Mastercard customers could earn 3x on Walgreens-branded items — or 4x on Rent Day (a 2x base plus the 2x bonus points).
Finally, in a press release, Bilt stated that members will gain another Walgreens-related perk in the near future. According to the company, members will have access to free photo prints at Walgreens locations “soon.”
To get started, members can link credit and debit cards in the Bilt app under the Wallet tab. Then, in the Neighborhood tab, users can link their FSA/HSA benefits card. This is also where members can opt into earn bonus points on prescription refills and can view their local Walgreens locations. Once eligible purchases are made, they’ll appear in this tab within 72 hours.
What they’re saying:
Discussing the partnership, Walgreens’ SVP & Chief Product & Growth Officer Bala Visalatha stated, “At Walgreens, we’re committed to improving the health and wellness experience for our customers and to meet them when, where and how they want to engage. This collaboration with Bilt, powered by the Banyan Platform, helps enhance the front of store and omnichannel experience for our customers and allows us to offer an unprecedented level of convenience, making it easier than ever for our customers to maximize their health and wellness benefits while earning rewards on everyday purchases.”
Bilt Rewards CEO Ankur Jain said, “Our mission has always been to add value to our members’ daily lives within their local communities. By partnering with Walgreens and introducing automatic FSA and HSA savings, we’re not just expanding our rewards program – we’re simplifying healthcare expenses for millions of Americans.” Jain added, “This is a significant step in our journey to become the nation’s leading loyalty program for your home and neighborhood.”
My thoughts:
This is a pretty fascinating expansion for Bilt and one I couldn’t have possibly predicted — partially because I’m not familiar with FSA/HSA accounts… yet. Incidentally, my wife and I just recently gained access to an HSA, so I’m very interested to see how this new Bilt feature works. From the sound of it, though, this feature will make it easier to make use of our benefits.
Of course, in terms of Bilt expansions, I’m more excited for the move into mortgage payments they teased along with their funding raise in January. Hopefully that comes to fruition soon — but, in the meantime, this Walgreens partnership seems pretty darn cool.
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