Albertsons expands health benefits payment options
Albertsons Companies Inc. is partnering with a fintech platform and a health benefits provider to make it easier to purchase food and health items.
The grocery giant is teaming up with global financial services technology provider FIS, which represents supplemental health benefits administrators including Fresh Connect, PayForward and WEX that utilize its technology payment platform. In addition, Albertsons is entering into a partnership to accept benefit cards from healthcare technology company Soda Health.
As a result, customers with FIS and Soda Health-integrated benefit cards will now be able to make purchases on eligible food and health items at Albertsons Cos. banner stores, including Safeway, Albertsons, Jewel-Osco, Vons, Shaw’s, Tom Thumb, and Acme.
Health benefit cards are pre-paid debit cards that are funded by Medicare Advantage plans, employers, healthcare providers, or local governments and can be used to make purchases on eligible over-the-counter medicine and wellness care products, as well as nutritious foods, whole grains, fish and poultry. Customers eligible for federal SNAP and WIC benefits can also use their health benefit cards in conjunction with their EBT account.
Albertsons Cos. also continues to partner with benefit card providers Solutran, InComm, and Speak (formerly Speak Retail Group). Customers can check with their payment provider for a complete list of eligible items.
“Expanding our benefit card partnerships are essential in ensuring that our customers have access to the broadest selection of nutritious food, supplements and OTC medicine that improve their health and well-being,” said Omer Gajial, executive VP of Pharmacy and Health at Albertsons Cos. “We are striving to be more than just a neighborhood grocery store; we want to build a deeper connection with our customers, support them in their wellness journey and address hunger in our most vulnerable communities.”
SNAP recipients make good customers
In addition to helping customers obtain healthy food, Albertsons’ new program may also be good for business. Recent Numerator data reveals that when SNAP consumers utilize their benefits during a shopping trip, basket size is $15 more, spend per trip on groceries is almost $18 more, and units per trip double (from 5.2 to 10.4).
In addition, during the latest quarter ending Dec. 31, 2022 compared to the same period a year earlier, SNAP consumers are paying 13% more per unit, compared to 11% more for non-SNAP consumers. Numerator says this disparity is driven by increased inflation on baby and health & beauty products that SNAP consumers over-index on, as well as in the dollar channel.
As of Dec. 3, 2022, Boise, Idaho-based Albertsons Cos. operated 2,270 retail food and drug stores with 1,720 pharmacies, 402 associated fuel centers, 22 dedicated distribution centers, and 19 manufacturing facilities. The company operates stores across 34 states and the District of Columbia with 24 banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen, Carrs, Kings Food Markets, and Balducci's Food Lovers Market.