Walgreens teams up to launch automatic FSA/HSA program
Walgreens is introducing an automatic health care savings program via a new partnership.
The retail pharmacy and health care provider is teaming up with Bilt Rewards to launch the health care savings program, which marks the first time customers can apply any network branded flexible spending account (FSA) or health savings account (HSA) benefits card to purchases at a major pharmacy chain. (BILT is the first-ever rewards program that allows renters to earn points on rent.)
"The new program eliminates the need to carry separate FSA or HSA cards and removes the guesswork in identifying eligible items, addressing the approximately $4 billion in FSA dollars lost annually due to non-use," the two companies said in a release.
Among the benefits of the new collaboration is that Bilt members can shop at Walgreens using any linked debit or credit card in their Bilt account. Bilt's system automatically identifies FSA or HSA eligible items and offers a one-click solution to apply benefits.
Other features of the Walgreens-Bilt collaboration include:
•Enhanced rewards: Bilt members will also be eligible to earn points on purchases, double points on Walgreens-brand items, and 100 points for prescription refills, subject to certain exclusions, in addition to their usual card rewards.
•Complimentary photo prints: Coming soon, Bilt members will have access to free photo prints at local Walgreens stores.
"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," said Bala Visalatha, senior VP & chief product & growth officer at Walgreens. "This collaboration with Bilt 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 boasts one of the highest value rewards programs on the market today, the company said. It includes one-to-one point transfers for travel across over 100 major airlines and hotel partners; fitness classes at the country's top boutique studios; limited-edition and exclusive collections of art and home decor through the Bilt Collection..
"Our mission has always been to add value to our members' daily lives within their local communities," said Ankur Jain, CEO of Bilt Rewards. "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. This is a significant step in our journey to become the nation's leading loyalty program for your home and neighborhood."
Walgreens has been taking steps to expand its presence in the pharmacy and healthcare segments. In April 2024, the company introduced gene and cell therapy services as part of the expansion of its specialty pharmacy services with the launch of a dedicated business unit, called Walgreens Specialty Pharmacy, that combines existing specialty assets and fully integrates the company’s specialty pharmacy subsidiary, AllianceRx.
[READ MORE: Walgreens launches new specialty pharmacy business unit]
The retailer also began making a select assortment of health and wellbeing products available online to Medicare Advantage supplemental benefits holders in February 2024.
Based in Deerfield, Ill., Walgreens operates nearly 9,000 retail locations across the U.S. and Puerto Rico.
