What is Silver?

Nov 29, 2023

Learn how Silver automates the entire FSA/HSA process.

Contents

All of us at Silver have used FSAs in the past to save money but the opposite happened way too often - we lost money at the end of the year.

So, after talking to hundreds of people, we realized that most of them have lots of out-of-pocket costs that can be reimbursed with their existing accounts. They just weren’t aware or didn’t spend the time to submit everything they could. We believe that if the right system would have been in place, no one would have lost any of their FSA funds.

We decided to build this right system, and we call it Silver. Our objective is to automate the entire FSA/HSA reimbursement process. We want everyone to buy what they need, where they want to using their preferred purchasing method, and let the Silver application take care of everything for them: identifying what’s eligible and auto-submitting to their FSA/HSA administrators.

How does Silver work?

Like many things in life, it’s exactly three steps 🙂

  1. Collect expenses. Silver uses a Chrome extension to collect as many expenses as possible from relevant retailers like Amazon, Costco, and more. The more expenses we can collect, the more likely we’ll find eligible expenses.
  2. Identify what’s eligible; there are more than 10,000 products out there that are eligible as a healthcare expense. Silver has a list of many of them and continuously adds more to our list.
  3. Submit to your provider. There are a few hundred entities that serve as administrators of HSA/FSA/HRA benefit programs. Silver will submit all relevant eligible expenses on your behalf to the entity that holds your funds.

That’s it, once we complete step #3 above, the items will be reviewed by your benefit administrator, and once they approve the expense, you should receive the funds.

How much does it cost?

Silver is still in beta so all usage is free. As we get out of beta, we plan to start charging service fees for the claims we submit on your behalf.

Oded Shekel
Co-Founder and CEO of Silver