20 May 2018
Visit www.fingerprints.com

OptumHealth Bank extends MasterCard contract

06 July 2009  |  1253 views  |  0 Source: MasterCard

MasterCard Worldwide today announced a multi-year contract extension with OptumHealth Inc.'s OptumHealth Bank to issue MasterCard cards for health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), including the accounts they manage for UnitedHealthcare members.

The MasterCard cards can be used as a form of payment, tied to these tax-advantaged accounts, for eligible medical expenses, such as copayments, deductibles, prescriptions, vision care and certain over-the-counter items.

"With health care-related expenses continuing to rise, prepaid health care cards provide an efficient, electronic payment solution to replace cumbersome paper-based administration," said Chris McWilton, president, U.S. Markets, MasterCard Worldwide. "MasterCard and OptumHealth Bank have a long-standing partnership that offers providers a convenient and secure way to collect payment for services. Extending this relationship ensures that physicians and OptumHealth customers continue to enjoy the benefits of electronic payment programs that make it easier to pay for health care needs by using a MasterCard card."

The U.S. health care payments industry handles transactions worth approximately $2 trillion each year, according to McKinsey & Co. Accepting HSA, FSA and HRA card payments can help physicians and other health care providers streamline and manage medical payment transactions. A recent MasterCard survey shows physicians cite patient convenience, safety and security for their office, guaranteed payment, and ease of recordkeeping as among the top benefits of payment card acceptance.

"OptumHealth's tax-advantaged health accounts make it easier to plan, save and pay for health care," said Chad Wilkins, chief executive officer, OptumHealth Financial Services, which includes OptumHealth Bank. "Since MasterCard is accepted in so many places, our customers will continue to have an easy and convenient way to pay for qualified medical expenses with their HSA, FSA or HRA funds without extensive paperwork."

OptumHealth Financial Services, a division of OptumHealth Inc., provides tax-advantaged accounts for health care savings and spending, benefits administration services, and integrated electronic claims settlement solutions for health plans, third-party administrators and other payer groups. It includes OptumHealth Bank(SM), Member FDIC.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.com/news/mobile-firstvisit www.ebaday.com

Top topics

Most viewed Most shared
Ripple moves to build ecosystem around XRPRipple moves to build ecosystem around XRP
9533 views comments | 5 tweets | 7 linkedin
IT implications and the need to pivotIT implications and the need to pivot
9217 views comments | 2 linkedin
HSBC claims blockchain breakthrough for trade financeHSBC claims blockchain breakthrough for tr...
9213 views comments | 14 tweets | 16 linkedin
Irish bank caught in social media spying stormIrish bank caught in social media spying s...
8014 views comments | 25 tweets | 16 linkedin
Former JPMorgan blockchain leads unveil new startupFormer JPMorgan blockchain leads unveil ne...
7160 views comments | 2 tweets | 2 linkedin

Featured job

Find your next job