A new partnership between Bilt Rewards and Walgreens will allow Bilt members to get reward points on eligible purchases made at Walgreens stores when they use a flexible savings account or health savings account.
Bilt will help people save by using funds they’ve already put aside for their health expenses. The way it works is users first link their FSA/HSA card, or their credit or debit card to Bilt. After making a purchase at Walgreens, Bilt identifies FSA/HSA eligible items and reimburses the original payment method.
“This collaboration with Bilt, powered by the Banyan Platform, 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,” Walgreens SVP & Chief Product & Growth Officer Bala Visalatha said.
The partnership between Bilt and Walgreens is trying to solve the issue of the $4 billion in FSA dollars that are not being used annually, according to a statement. The partnership aims to assist people with figuring out the eligible items they could purchase with HSA and FSA cards, so they don’t have to carry their cards to check.
If you have a credit or debit card linked to Bilt Rewards, you’ll earn one Bilt reward point for every dollar spent at Walgreens, two points for each dollar spent on Walgreens-branded items and 100 points for prescription refills.
The points can be redeemed for purchasing airline tickets, rental cars and for making hotel reservations.
Bilt is a program that’s most known for changing the way people pay rent. The rewards program lets people earn points for paying rent and making everyday purchases. The company also lets users achieve home ownership by using points to secure a down payment for a home.
With Walgreens, Bilt expects to make the FSA/HSA savings available immediately, with complimentary photo prints expected to be available sometime in the future, according to the company.
Bilt CEO Ankur Jain said he hopes the expansion will add value to members’ daily lives within their communities and aims to make Bilt the nation’s leading loyalty program.
“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.”