Health Insurance Daily

Health Debit Card Offered - Visa, Blue Cross and Blue Shield Will Join Forces

Visa USA and the Blue Cross and Blue Shield Association said Monday that they are teaming up to offer a co-branded debit card to pay for health-related expenses.

The partnership, which marks the first time Visa has joined forces with a major insurance group to offer medical debit cards, is part of a shift in health care to get consumers to assume a greater decision-making and financial role in their medical care.

A growing number of companies are offering medical savings accounts, which allow workers to use pretax funds to pay for certain medical expenses. The Visa co-branded card can be used only with flexible savings accounts or health savings accounts, which are coupled with a high-deductible health plan.

Debit cards offer convenience and help consumers keep track of their medical accounts, said Stacy Pourfallah, senior director of pre-paid health care products for Visa, which is based in San Francisco.

"When I go to my doctor, I can use my Visa card to pay for that visit and I don't have to use another form of payment and then wait to get reimbursed," Pourfallah said. The cards are available immediately to Blue Shield and Blue Cross companies that choose to offer them.

So far, only Blue Cross and Blue Shield companies in four states -- Louisiana, South Carolina, New Jersey and Idaho -- have decided to offer debit cards to their members. The Blue Cross and Blue Shield Association represents 39 companies with 93 million members nationwide.

To read this article in its entirety, click on San Francisco Chronicle.

posted by Mike @ 11:42 AM