MasterCard, a known payment processor has extended its contact with OptumHealth Bank of OptumHealth Inc. under which the company is to issue MasterCard cards. The new cards will be used for health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), including the accounts they manage for UnitedHealthcare members.
According to the report of McKinsey & Co the U.S. health care payments industry processes nearly $2 trillion each year. Cards for HSA, FSA and HRA will surely make the payments more secure, safer and quicker.
"With health care-related expenses continuing to rise, prepaid health care cards provide an efficient, electronic payment solution to replace cumbersome paper-based administration. "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," said Chris McWilton, president, U.S. Markets, MasterCard Worldwide.
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.
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