Forma

What Is Forma?

Forma is a platform for choice-based benefits. It allows employees to use Lifestyle Spending Accounts, HRA, HSA, FSA, or education assistance, instead of locking them into a fixed benefits package. Employees have three ways to spend their funds: through the Forma Store, the Forma Visa Card, or a standard expense claim. On the employer side, admins configure funding, eligibility, and spending categories upfront, while Forma handles the ongoing claims processing and compliance work.

What Is Forma Best For?

Forma is most recognized for its pre-tax accounts, which include HSA, FSA, and commuter benefits, and are all managed using a single Visa card rather than individual cards for each account type. Employees may invest their HSA funds in ETFs without leaving their Forma account, and claims are automatically assessed at the time of purchase rather than requiring a manual submission. It's reliable for businesses with a scattered or worldwide workforce, where managing various suppliers for each account type might be difficult.

How Much Does Forma Cost?

Forma pricing is estimated to start at $6–$12/user/month. The actual cost can vary depending on your organizational needs.

Besides the base subscription, users should also consider the following potential expenses:

• Implementation And Onboarding: Approximately $2,000–$5,000, rising to $5,000–$15,000+ for complex deployments
• Additional Benefit Modules: Roughly $1–$4/employee/month/module
• Global Benefits Administration: Around $1–$3/employee/month, plus $3,000–$15,000+ for complex multi-country setups
• Custom Integrations: Typically $3,000–$10,000+/complex integration
• Employee Benefit Funding: Often $25–$150+/employee/month, depending on the allowance
• Large-Scale Customization: $1–$4/employee/month, plus $5,000–$15,000+ for extensive configuration

Disclaimer: Pricing references are based on publicly available third-party information and industry benchmarks. Actual costs may vary.

Forma Integrations

Forma software integrates with:

• Workday
• ADP
• UKG
• Paylocity
• Microsoft Entra
• Namely
• Gusto

How Does Forma Work?

Here's how you can get started with the software upon logging into the system using your credentials:

• Select the account types to offer—LSA, HRA, FSA, HSA, or commuter benefits—by opening the Forma portal
• Establish spending categories, eligibility requirements, and financing guidelines for every kind of account
• Workers use the web or mobile app to access their own Forma accounts
• Workers can use the Forma Card at the register, explore the Forma Store, or submit a refund claim
• There is no need to wait for a human evaluation because qualified pre-tax claims automatically adjudicate on the spot
• Employees can easily update or remove a pending claim without having to start over
• Administrators use the dashboard to manage spending, usage, and budget for claims

Who Is Forma For?

Forma is used by professionals working in the following industries and sectors:

• HR
• Technology
• Retail and hospitality
• Financial services
• Healthcare and life science

Forma Use Cases

Based on our analysis of Forma features and capabilities and how companies have actually used it, here are a few scenarios where this software fits well:

Global Companies Localizing Benefits Across Different Countries

A workforce dispersed over multiple nations quickly encounters an obstacle: what is considered a reasonable wellness benefit in one nation may not be in another. Forma enables HR teams to create distinct wallets for each nation or area, modifying funding levels and qualifying categories in accordance with local regulations, tax treatment, and other relevant factors. This implies that a benefits leader is not forced to provide the same menu to every office just because creating a new one seemed too difficult.

Companies Supporting Employees Through Family-Building Journeys

Fertility treatment, adoption, and surrogacy come with costs that don't fit neatly into a standard benefits package, and most companies end up handling these requests case by case or not at all. Forma's Family Formation offering lets HR set a dedicated fund employees can put toward these expenses, without turning every request into a special exception a manager has to approve manually. It gives employees a defined path to use the money instead of guessing whether it's covered.

Companies Rewarding Employee Milestones Without Building a New Program

A generic gift card or a different rewards program that no one remembers to check is typically used to recognize long-tenured employees. Companies may establish a dedicated wallet linked to tenure or performance milestones using Forma's Rewards and Recognition technologies, allowing workers to use the funds for something they truly want. To commemorate someone's tenth year, HR doesn't have to set up an entirely new system.

Companies Modernizing Pre-Tax Accounts Without Legacy Software

Employees find it difficult to monitor their balance, let alone invest their HSA funds, because HSAs and FSAs frequently operate on antiquated platforms. This is replaced by Forma, which offers a single card and account experience for commuter benefits, HSA, and FSA. Additionally, qualified pre-tax claims are instantly authorized at checkout rather than waiting in a review queue. For businesses that are still dependent on a legacy supplier, it means getting rid of yet another cumbersome system that staff members gripe about.

Is Forma Right For You?

Forma is a practical choice for HR or benefits teams looking to move away from a multitude of point solutions to a single platform for wellness, education, or lifestyle spending. It is SOC 2 Type 2 certified, encrypts data at rest and in motion, complies with GDPR and HIPAA regulations, and only allows internal access based on role-based permissions, meaning employees and contractors only have access to what their job calls for. It is already used by companies such as Microsoft, Logitech, and Dyson to administer their benefits programs.

Forma auto-adjudicates eligible pre-tax claims on the spot and provides employees with the ability to edit and/or delete their own pending claims, rather than sending every minor claim back through HR. This can help reduce manual claims review.

Still confused about investing in the Forma software? Contact us at (661) 384-7070 to make the right decision.