The leading resident loyalty and payments program, Bilt, is collaborating with Walgreens in the healthcare space.
Bilt is known for helping renters earn points on paying their rent, which, for many, is their biggest monthly expense. The new partnership expands the model to help Americans save on healthcare costs, which can also be crushing.
According to the news release, about $4 billion in Flexible Spending Account (FSA) and Health Savings Account (HSA) dollars go unused each and every year. And FSA dollars don’t roll over into the next year, so when they expire, they’re gone. The partnership will aim to address the issue with its “Automatic Healthcare Savings” program, which will help customers access those funds and use them when shopping in the pharmacy.
Customers won’t have to carry FSA or HSA cards in order to use those crucial dollars, either. When shopping at Walgreens with a Bilt linked credit or debit card, customers will receive an alert when an item being purchased is FSA or HSA eligible, which “offers a one-click solution to apply benefits,” the announcement says. While it seems that consumer savings may add up to a lot, the idea is that the program is so convenient, shoppers won’t need to think much about it to reap the rewards.
“Our mission has always been to add value to our members’ daily lives within their local communities,” said Ankur Jain, CEO of Bilt Rewards, in the news release. “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.”
The collaboration could help some people afford crucial pharmacy purchases, and given about half of Americans struggle to pay for their healthcare needs, that’s big. But it will also likely bring more shoppers to Walgreens stores, which the brand seems desperate for as inflation has led to price hikes and dwindling customers. In June, the pharmacy announced it would close a substantial number of its U.S. stores over three years.
In the latest announcement, Bala Visalatha, SVP & Chief Product & Growth Officer at Walgreens, said the partnership will help “enhance the front of store and omnichannel experience” while also allowing Walgreens “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.”
In addition to more easily accessing their FSA and HSA funds, Bilt members will also be eligible to earn points on purchases, double points on Walgreens-brand items, and 100 points for prescription refills. They’ll be able to score free Walgreens photo prints, too.