Hooking up payment cards to other stuff seems to be the new wave. This
week
a Connecticut firm launched a special purpose stored-value MasterCard
linked up
to health care flexible spending accounts (or FSAs). Evolution Health’s new
‘Benny Card’ enables employees to make their co-pay or other qualified expense
in real-time by automatically deducting the transaction from the FSA account.
Cardholders can also access the ‘BennyCard’ Web site to view transaction
history and monitor their balance. FSAs permit employees to use their own
payroll funds on a pre-tax basis to pay for out-of-pocket health care costs.
Under current FSA plans, employees have to pay up front for their uncovered
expenses, save all their receipts, then remember to send them in to get
reimbursed by check from their own FSA funds. One of the first clients for the
new card is CT-based B. Evolution Health created the program with WildCard
Systems and South Dakota-based BANKFIRST. For more information:
http://www.evolutionbenefits.com/.
Hooking up payment cards to other stuff seems to be the new wave. This
week
a Connecticut firm launched a special purpose stored-value MasterCard
linked up
to health care flexible spending accounts (or FSAs). Evolution Health’s new
‘Benny Card’ enables employees to make their co-pay or other qualified expense
in real-time by automatically deducting the transaction from the FSA account.
Cardholders can also access the ‘BennyCard’ Web site to view transaction
history and monitor their balance. FSAs permit employees to use their own
payroll funds on a pre-tax basis to pay for out-of-pocket health care costs.
Under current FSA plans, employees have to pay up front for their uncovered
expenses, save all their receipts, then remember to send them in to get
reimbursed by check from their own FSA funds. One of the first clients for the
new card is CT-based B. Evolution Health created the program with WildCard
Systems and South Dakota-based BANKFIRST. For more information: