Over the last decade, consumers have been footing more and more of their own healthcare costs. Employers and healthcare marketplaces are moving towards high-deductible insurance plans that also offer a healthcare savings account (HSA) where consumers can accumulate dollars pre-tax. One problem is that most of us aren’t good savers, so this benefit goes completely unused.
First Dollar and RxSaver have partnered to launch an HSA account with a debit card as described here. The debit card is attached to the HSA balances and also RxSaver’s discounts on thousands of prescription drugs, which may encourage HSA savings balances:
The revolutionary, First Dollar’s HSA debit card has RxSaver‘s network information inscribed onto the back. This makes it easy for consumers to save up to 85 percent on their prescriptions by only flashing their HSA card at checkout. Starting this month, the new card is currently available to First Dollar HSA members.
Austin-based RxSaver emerged as a natural fit when First Dollar sought a partner to offer prescription savings to its members. The company offers coupons on more than 6,000 medications that can allow people to save up to 85 percent, and is accepted at every major pharmacy. The deal marked the first time the company’s coupons have been available to customers directly on an HSA debit card.
Overview by Sarah Grotta, Director, Merchant Services at Mercator Advisory Group