WiredBenefits Launches Ordinance Compliant San Francisco Health Care Benefit

Business Editors/Healthcare Editors

SAN FRANCISCO--(BUSINESS WIRE)--May 16, 2008--WiredBenefits, today announced the launch of their San Francisco Health Care Security Ordinance (HCSO) compliant HRA card. WiredBenefits offers employers a tax-free, independent and efficient way to provide employee healthcare benefits. Currently available online through Shargel & Co. Insurance Services at www.prepaidhealthcare.com/partners/shargel, the tax free card can be used for health care services and products at providers and merchants who accept MasterCard.

The healthcare card has the following advantages for employers and employees:

Compliant with HCSO – employers simply enter hours worked for covered employees and WiredBenefits calculates and loads that exact amount onto each employee’s MasterCard
Independent of the City of San Francisco
Employees can use the card for all eligible healthcare expenses including everyday healthcare needs
Can easily be combined with voluntary benefits to reach the Employer Spending Requirement
Tax free - employer contributions to the HRA and employee health care expenses are both tax free

“We’re very excited to bring our card based HSCO-compliant solution to San Francisco. WiredBenefits looks forward to providing local business owners a unique opportunity to remain compliant and give their employees a benefit they can use everyday,” said Charles Marshall, CEO of WiredBenefits. “This card presents employers with a new way to comply independent of the City.”

WiredBenefits’ HCSO-compliant card offers employers an accessible way to provide health benefits to their employees through a tax free Health Reimbursement Arrangement (HRA). Employers may update the hours worked at anytime directly online and may even select recurring monthly or quarterly reloads for ease of compliance.

The San Francisco Health Care Security Ordinance was passed to ensure all employees are receiving a minimum amount of health benefits based on a per/hour rate and the employer size. The WiredBenefits solution is independent of the city and gives employers the ability to comply at the exact amount and gives the employees the freedom to spend the funds as they choose.

Susan Shargel, president and owner of Shargel & Co. says, “We wanted to turn an inconvenient obligation into an opportunity for employers to provide real value to their employees.”

WiredBenefits’ cards are healthcare restricted prepaid cards authorized strictly for use for approved healthcare expenses; this includes point-of-sale purchases at pharmacies and certified retailers for all prescriptions and more than 100,000 over-the-counter medications and products. The card does not give employees access to the funds as cash.

WiredBenefits is dedicated to combining the latest in processing technology and prepaid cards to deliver new platforms for individualized care. WiredBenefits provides the leading platform for independent employee health benefits.

About WiredBenefits, Inc.

WiredBenefits is a pioneer in the field of prepaid healthcare, offering a system of prepaid cards and back-end solutions to employers, insurance brokers and consumers. WiredBenefits is dedicated to creating powerful new payment methods to help people manage their healthcare dollars. To learn more about WiredBenefits please visit www.wiredbenefits.com.

About Shargel & Co. Insurance Services

San Francisco-based Shargel & Co. helps great employers design benefits programs to attract and keep talented terrific employees. Specializing in benefits solutions for companies with 2-200 employees, award-winning Shargel works as an advocate in the small business market. For more information, visit www.shargel.com.