Exante Financial Services is to offer a novel suite of MasterCard health benefit cards, including a new Health Savings Account debit card, to medical benefit providers and insurers throughout the US.
Exante’s health benefit card programs include applications for Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs), and enable verification of health benefit eligibility.
The new Health Savings Account (HSA) Prepaid MasterCard card gives consumers the ability to easily access funds stored in tax-deferred HSAs when paying for eligible medical expenses. Cardholders can also choose to pay for non-qualified health expenses on a taxable basis. Consumers may roll over HSA funds from year to year and may transfer them from one job to the next.
The Exante Financial Services HSA card works like other Prepaid MasterCard cards. Cardholders swipe their card through an authorized MasterCard terminal to complete the health-related transaction. The purchase amounts are then deducted from the linked HSA bank account. Exante Financial Services provides cardholders with monthly statements detailing account balance and activity.
This valuable product, created through our relationship with MasterCard, will help medical benefit providers streamline and automate the administration of their health benefit programs and enhance consumers’ choice and convenience, said Nick Santoro, CEO of Exante Financial Services.
Payment industry analysts forecast that in the next five years debit cards linked to HSAs alone could facilitate as much as $2 billion in annual spending, with as much as $9 billion in additional spending occurring through other types of consumer controlled health reimbursement accounts.