PURCHASE, N.Y., July 6 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.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
OptumHealth Inc. helps individuals navigate the health care system, finance their health care needs and achieve their health and well-being goals. The company's personalized health advocacy and engagement programs tap a unique combination of capabilities that encompass care solutions, behavioral solutions, specialty benefits and financial services. Serving nearly 60 million people, OptumHealth is one of the nation's largest health and wellness companies. It is a business unit of UnitedHealth Group (NYSE: UNH). More information about OptumHealth can be found at www.optumhealth.com.
*Health savings accounts are provided by OptumHealth Bank, Inc., Member FDIC.
SOURCE MasterCard Worldwide