Announcing — Pre-Tax Spending Accounts
We’re excited to officially launch Forma's Pre-Tax spending accounts.
For the past year, our team has been focused on building out a custom experience around this feature, as it’s a category that hasn’t caught up with the workforce’s modern benefits needs — therefore it required ground-up reinvention.
This is an important milestone on our roadmap for employee-directed benefits, and it’s a feature many of our clients have been clamoring for since our company’s inception, so we’re proud to be finally making this available to everyone.
We focused on three priorities that we focused on when deciding why to add pre-tax spending accounts to our platform.
Give employees an intuitive portal
During our user research phase, many people indicated that their current providers’ interface and usability capabilities felt stuck in the ’90s. This is the wrong type of nostalgia — and therefore the first place that we focused our efforts around evolving. We wanted to ensure that a refreshed, modern ethos was baked into this product so that people actually get excited when they see it and want to use it.
Starting with the onboarding experience — the guided tour gives employees an overview of their accounts and the details associated with them.
The account management page is also meticulously crafted to make sure that employees have all the information they needed without cluttering the interface. To put it in the words of a beta user — “Wow, I never knew these benefits are actually this simple. It feels like what we’re using now is just deliberately made hard to use.”
Put more money into employees’ hands
Pre-tax accounts are designed to help employees save on payroll taxes, so why not put more money into employees’ hands? This has been at the core of Forma since day one and the reason why we created the Forma Store. Starting today, the pre-tax accounts, FSA and HSA specifically, will be getting a storefront of their own, giving employees a 20%-30% discount on commonly-bought items. Let us help them put the dollars to good use.
We’ve also built our debit card technology from the ground up — so that all the pre-tax accounts can be combined into one card to meet employees where they are. In many cases, these can also be combined with the post-tax-based accounts that are offered.
We’re at the early innings of developing the pre-tax account capabilities. The product roadmap we’re planning for the next 12 months will make this even more intuitive and user-friendly for our users.