Evolution Benefits Licenses Substantiation Technology to Humana, Inc.

Thu. August 14, 2008; Posted: 09:00 AM

AVON, Conn., Aug 14, 2008 (BUSINESS WIRE) -- HUM | Quote | Chart | News | PowerRating -- Evolution Benefits, Inc. (EB), the leading provider of electronic payment solutions to the employee benefits market, announced today that it has entered into an agreement to license its patented technology for substantiating debit card purchases to Humana, Inc., one of the nation's largest publicly-traded health and supplemental benefits companies. Humana will use the licensed technology to substantiate Flexible Spending Account and Health Reimbursement Arrangement card payments at the point of service.

EB's real-time data matching technology was introduced in 2002 and has powered millions of transactions for a variety of employee benefit plan designs. The point-of-service process authorizes only substantiated payment requests, eliminating "pay and chase". The technology further enables the limitation of purchases on the card beyond the general category of "healthcare eligible" to goods and services specifically allowed under an employer's plan. This goes beyond the capabilities of other substantiation techniques, including inventory information approval systems.

The technology is protected under US Patents 7,174,302 and 7,197,468 with additional patents pending.

About Evolution Benefits, Inc.

Evolution Benefits, Inc. is the industry leader in electronic benefit payment solutions for the employee benefits market. Its primary product, the Benny(TM) prepaid benefits card, applies advanced payment and patented auto-substantiation technologies to health-related benefits accounts such as Flexible Spending Accounts, Health Reimbursement Accounts, and Health Savings Accounts. Evolution Benefits auto-substantiation technologies were patented in 2007 and other patents are pending. The company now powers the programs of more than 200 health plan and administrative services organizations and covers more than 8,000 employers, including 100 of the nation's top-ranked Fortune and Forbes companies. For more information, visit www.EvolutionBenefits.com.

SOURCE: Evolution Benefits, Inc.

Evolution Benefits, Inc. Anne Carpenter, 860-678-5561 V.P. Marketing & Sales Support pr@evolutionbenefits.com or Stanton Communications Lindsay Mize, 410-727-6855 lmize@stantoncomm.com

For full details on Humana Inc (HUM) click here. Humana Inc (HUM) has Short Term PowerRatings of 4. Details on Humana Inc (HUM) Short Term PowerRatings is available at This Link.

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