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Health Savings Accounts

Welcome to the News View for "Health Savings Accounts".

Here, on these archive pages, you'll find all of the articles on Payments News for Health Savings Accounts listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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July 23, 2009

TSYS Healthcare, Consumer Health Technologies Partner

tsys_top_logo.gifConsumer Health Technologies and TSYS Healthcare have announced an agreement that "extends streamlined payment solutions to consumers, enabling easier, more convenient and cost effective healthcare purchases. TSYS Healthcare’s payment card solution offers end-to-end functionality with greater automation, refined reporting and smoother reconciliation capabilities, resulting in minimal error rates. The TSYS Healthcare system will be integrated into BenefitSpan™, CHT’s award-winning total benefit administration platform for managing HRA, FSA and HSA accounts." READ MORE »

July 21, 2009

Sterling HSA Selects Metavante's WealthCare Card

Metavante_logo-140px.jpgMetavante has announced that it has been selected by Sterling HSA to be its exclusive provider of benefit debit card and healthcare payment technology. Sterling HSA is an independent, privately held company offering health savings account administration services to employers and individuals nationwide. READ MORE »

July 06, 2009

MasterCard Extends Agreement With OptumHealth

OptumHealth_logo-140px.jpgMasterCard has 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 OptumHealth 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. READ MORE »

October 10, 2007

Metavante Enhances HSA Solutions

Metavante has announced the availability of its redesigned HSA solution that has been "reengineered to reflect the findings of Metavante-sponsored research detailing what consumers look for when researching and using HSAs."

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August 14, 2007

Consumer-Directed Healthcare Opportunity for Financial Services Firms

Diamond Management & Technology Consultants has announced results of a new report titled "Seismic Shifts in the Health/Wealth Landscape" that concludes that "the demand from consumers and employers for a better health/wealth experience -- from saving and paying for healthcare to making informed choices about treatment alternatives -- is creating $40 billion in new revenue opportunities for financial services firms and healthcare companies over the next five years.

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June 28, 2007

Mercator Looks at HSA Growth

Mercator Advisory Group has released a new report titled "HSA Growth Accelerates In Uncharted Waters" that discusses the significant investments being made to implement Prepaid HSA cards that will provide significant benefits to cardholders and Third Party Administrators.

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May 17, 2007

Evolution Benefits, The Bancorp Bank Team on Health Savings Accounts

Evolution Benefits and The Bancorp Bank have announced an agreement to "provide an integrated solution combining The Bancorp Bank’s health savings accounts and EB’s prepaid benefits card known as Benny to support advanced consumer-directed healthcare programs. The companies’ integrated product will be available in early June."

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April 05, 2007

Ecount Introduces Health Care Incentives Suite

Ecount has introduced a suite of prepaid health care incentives that "provides insurers, employers and plan managers with a highly effective solution for encouraging healthy living."

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March 19, 2007

Evolution Benefits Receives Patent for Auto-Substantiation of Benefits

Evolution Benefits has announced that is has been granted a patent for its technology used in the substantiation of health benefits debit card transactions. The company’s patent, U.S. Patent 7,174,302 titled “System and Method for Processing Flexible Spending Account Transactions,” refers to the system and method EB developed for real time substantiation of card transactions prior to authorizing payment.

READ MORE »

February 13, 2007

Blue Healthcare Bank Receives Federal Regulatory Approval

The Blue Cross and Blue Shield Association has announced approval by the Office of Thrift Supervision of its application for a Federal Savings Bank charter for the Blue Healthcare Bank. The charter allows the Blue Healthcare Bank to provide healthcare-related banking services in all 50 states. The bank is located in Sandy, Utah, a suburb of Salt Lake City.

READ MORE »

December 18, 2006

BB&T Selects Evolution Benefits For HSA Card Services

BB&T Corporation has announced the selection of Evolution Benefits to provide card services for its Health Savings Account product.

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November 14, 2006

WSJ: Banks Pile Into Health Savings Accounts

Ann Carrns reports for the Wall St. Journal that nearly 1,100 banks now offer health savings accounts, "more than triple the number at the end of 2005." Carrns also reports that Bank of America is planning to introduce "a new credit card, in partnership with major health plans, that will let holders earn rewards points that convert automatically into cash in their HSAs."

October 26, 2006

HSAs - A Paradox for Bankers

Javelin Strategy & Research has published a new report concluding that "Health Savings Accounts (HSAs) represent a paradox for banking and payment leaders: Banks cannot overlook the long-term opportunities for asset growth, yet must plan to address problematic consumer awareness and interest along with other thorny healthcare industry issues."

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October 12, 2006

Finpago, WageWorks Partner To Enable FSA Debit Card Use

Finpago has announced the availability of the FSAok Debit Substantiation service including Finpago’s FSAok Real-Time Eligibility Engine. According to the company, these services provide "the industry’s most comprehensive set of tools for generating and documenting consumer driven health care claims automatically and ensuring IRS compliance for the widest possible number of merchant categories. Through WageWorks' Health Care Choice card program, the services provide flexibility and convenience to flexible spending account account holders by automatically selecting prescription and over-the-counter medication purchases and submitting them for reimbursement."

READ MORE »

October 11, 2006

Consumer-Driven Healthcare Creating Need For Smart Medical Debit Cards

From a press release by HealthLeaders-InterStudy: "How futuristic is it to believe that one swipe of a debit card would reveal your identity, your health record, and your health plan coverage and eligibility information? Not as far off as you think."

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October 10, 2006

Visa USA Adopts Industry Standard To Qualify Over-the-Counter Medical Expenses

Visa USA has announced that it "will be the first organization to adopt a new industry standard list designed to clearly identify items sold over the counter that qualify as an eligible medical expense for health benefit accounts. The comprehensive list, developed by the Employee Benefits Institute of America Inc. (EBIA), will be available to merchants who have implemented Visa’s patent-pending auto-substantiation enhancement, which allows for real-time substantiation of qualified, medical expense purchases made with a Visa employee benefit debit card."

READ MORE »

October 04, 2006

Research: Most Affordable Health Savings Accounts

Vimo.com, a healthcare comparison-shopping site, has published a research report that "reveals wide disparity amongst the fees that HSA Banks charge their customers" with little correlation between high fees and high returns in HSAs. The current Vimo Rankings Report is available for download.

READ MORE »

September 19, 2006

FSAok AnyCard Makes FSA Purchases "Painless"

Finpago and WageWorks have announced the FSAok AnyCard that automatically selects prescription and over-the-counter medication purchases at participating merchants and submits them for reimbursement when paid for with a card registered to participate in the program.

READ MORE »

September 13, 2006

HealthPay Group Focuses On Convergence of Healthcare and Financial Services

The HealthPay Group based in San Francisco has announced its formation saying that it intends to "focus on the convergence of the healthcare and financial services industries that has been triggered by the rapid expansion of consumer directed healthcare accounts and the popularity of Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs) and Flexible Spending Accounts (FSAs)."

READ MORE »

September 06, 2006

First Annapolis Navigator - August 2006 Edition

The August 2006 edition of the First Annapolis Navigator is now available. This month's issue features an article on health care and payments, a snapshot of Target's credit business, how to think like a major retailer about self-acquiring, exploring the relationship between risk and losses in US acquirers, and a summary of second quarter 2006 US card issuer performance.

Lighthouse1 Teams With First Data and UMB Healthcare Services

Lighthouse1, a provider of consumer driven healthcare administration solutions, has announced an agreement with First Data Healthcare Services to deliver a debit card and transaction processing services for subscribers using Lighthouse1's healthcare programs. First Data will provide healthcare card services, including a transaction card processing solution for members to access their fund contributions at the point of care. UMB Healthcare Services will work with First Data to support debit card access, investment programs and transaction processing.

READ MORE »

August 23, 2006

Financial Organizations See Business Opportunity In HSAs

Wolters Kluwer Financial Services has announced results of a recent survey of financial organizations in which eighty percent of financial organizations responding said their organization currently offers Health Savings Accounts (HSAs) or plans to do so in the next year.

READ MORE »

August 21, 2006

Health Savings Accounts: A Bounty for Banks?

Aite Group has announced new research titled "Health Savings Accounts: A Bounty for Banks?" that forecasts that "large and specialty banks will be the winners in the health savings account (HSA) market as they will see significant growth in the numbers of HSAs they provide." Aite forecasts that by 2010, large banks will likely support 40% of HSAs (up from 20% in 2006), and specialty banks will support 35% of HSAs (up from 30% in 2006).

READ MORE »

August 14, 2006

UnitedHealth Enhances Health Benefit Card

UnitedHealth Group has announced that it introducing new technology health benefit cards that simplify how consumers manage and pay for their health care and that will provide the information needed to promptly administer benefits and facilitate health transactions and payments. "The card will also convey essential health records that support care interventions. From a consumer perspective, these services transcend benefit plan boundaries and traditional geographic limits, enabling people to have their information and financial resources follow them across products or across the country."

READ MORE »

August 09, 2006

MasterCard Item Level Authorization For Healthcare Transactions

MasterCard Worldwide has announced that it is introducing a new system enhancement and service designed to increase the use of Flexible Spending Accounts and other medical reimbursement plans by enabling third-party administrators to substantiate purchases in real time using item-level data collected at the point-of-sale. MasterCard says that the service, which has a patent pending, is the first offering of its kind and provides a more streamlined solution for benefit administrators and merchants.

READ MORE »

August 08, 2006

HSA Bank Reports Accountholder Balance Growth in 2006

HSA Bank has announced that its accountholders' average balances have increased by more than $350 to nearly $1,940 during the first six months of 2006. HSA Bank attributes the increase in balances to both a greater number of accountholders saving their HSA funds and an increased level of contributions to individual accounts.

READ MORE »

July 11, 2006

HealthScore Credit Score For Healthcare Lending

Canopy Financial has announced HealthScore, a new credit score intended to be used specifically for predicting and managing the unique risks associated with lending to consumers with high-deductible health plans.

READ MORE »

July 10, 2006

Flexible Spending Account Purchase Auto-Substantiation

Metavante has announced it is partnering with Longs Drugs to provide automated, electronic substantiation of over-the-counter flexible spending account (FSA)-eligible purchases for customers using Metavante's MBI Benefits Card.

READ MORE »

June 06, 2006

PayFlex Selects First Data for Healthcare Processing Services

PayFlex Systems USA has selected and completed integration with First Data Healthcare Services. First Data will serve as PayFlex's provider of processing services for its suite of healthcare accounts.

READ MORE »

May 31, 2006

Metavante's MBI Benefits Card Enhanced

Metavante has announced that its healthcare benefit debit card, the MBI Benefits Card, is the first and only card and authorization system in the payments industry to authorize healthcare purchases against a health reimbursement arrangement (HRA) maximum in real time at the individual and family level.

READ MORE »

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