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Everyday People Financial & Smart Employee Benefits Form Joint Venture to Launch Healthcare Spending Account Mastercard(R) Program Across North America
Edmonton, Alberta--(Newsfile Corp. - October 31, 2022) - Everyday People Financial Corp. (TSXV...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial & Smart Employee Benefits Form Joint Venture to Launch Healthcare Spending Account Mastercard(R) Program Across North AmericaEdmonton, Alberta--(Newsfile Corp. - October 31, 2022) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a financial technology and consumer financing company, is pleased to announce that, further to the letter of intent entered into April 22, 2022, pursuant to a definitive agreement dated October 27, 2022, EP Care Inc., a wholly-owned subsidiary of the Company, has formed a joint venture with SEB Administrative Services Inc. (\"SEB Admin\"), a subsidiary of Smart Employee Benefits Inc. (TSXV: SEB) (OTCQB: SEBFF) (\"SEB\"), an Insurtech provider of cloud based, end-to-end IT and Benefit Processing solutions for the life and group benefits marketplace and government, to launch a \"Healthcare Spending Account Mastercard® Program\", offering a challenger product to traditional employer health spending accounts.Healthcare Spending Accounts (\"HSA\") help business owners save on medical costs by turning an after-tax personal medical expense into a before-tax business expense. This plan is a smart and efficient option for the modern-day entrepreneur helping the plan member minimize coverage gaps between government and employer funded healthcare and other health insurance options. The Mastercard® HSA solution is unique to the Canadian marketplace and is particularly applicable to small companies and self-employed business owners. In Canada, 97% of all businesses are small businesses, representing 1.2 million companies1, 10.3 million employees2 and 0.9 million gig workers3,4.Together, Everyday People and SEB are the first to introduce this integrated employee healthcare spending account and credit card program into the Canadian market. This program represents a large specialty opportunity targeting the HSA market, currently estimated at over $8 billion premium in Canada5 and over $98 billion in the United States6. Our combined resources and client base position the new joint venture to capture significant market share in the overall HSA Canadian marketplace. \"A joint venture with SEB to offer a healthcare spending account program for small business owners and their employees is yet another way that Everyday People, along with one of its par...