Medagate, a subsidiary of InComm Holdings Inc., announced that it has created a healthcare payments card that can make open-loop payments through the MasterCard network and closed-loop payments through a partner merchant’s system.
From InComm’s press release:
There are a multitude of product opportunities provided by the Dual Value Health Card. For instance, it can act as a defined contribution purse funded as a tax-deferred savings option such as a Health Savings Account (HSA), Health Reimbursement Arrangement (HRA) or Flexible Spending Account (FSA). According to the Kaiser Family Foundation survey, 19 percent of covered employees are currently enrolled in high deductible plans with savings options. Now, with the Dual Value Health Card, benefits administrators can add a closed-loop network to fund general purchases or direct spending to an individual product or stock-keeping unit (SKU) number.
The card gives employers the opportunity to provide specific benefits like flu shots alongside an employee funded health savings account or flexible spending account. This could provide opportunities for new kinds of benefits and better management of health and wellness programs.
Click here to read more from the press release.