MasterCard, a global payment solutions company, has extended its a multi-year contract with US-based OptumHealth’s OptumHealth Bank to issue MasterCard cards for health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).
The company said that the MasterCard cards can be used as a form of payment, tied to these tax-advantaged accounts, for eligible medical expenses, such as co-payments, deductibles, prescriptions, vision care and certain over-the-counter items. It further added that accepting HSA, FSA and HRA card payments can help physicians and other healthcare providers to streamline and manage medical payment transactions.
Chad Wilkins, Chief Executive officer of OptumHealth Financial Services, which includes OptumHealth Bank, said: “OptumHealth’s tax-advantaged health accounts make it easier to plan, save and pay for health care. 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, provides tax-advantaged accounts for healthcare 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 BankSM.
