MedImpact launches health rewards credit card
MedImpact Healthcare Systems and Bank of America have announced the development of a co-branded credit card and rewards programme designed to help employers and employees manage the rising cost of healthcare.
The partnership includes an integrated Consumer-Directed Health Care (CDHC) platform, provided by Bank of America Benefit Solutions, and a rewards-based credit card, provided by Bank of America Card Services.
Account-based benefits For Bank of America, this is the first healthcare offering that provides both a co-branded rewards card and an account-based benefit, including Health Savings Accounts (HSAs). This enables MedImpact to offer its MedEmpower service to cardmembers.
The MedEmpower account-based benefits package also includes: flexible spending accounts, health reimbursement arrangements, debit cards, account and claims administration, marketing, communication and education services - all designed to provide consumers with more choice, ease of use, and to help reduce costs for payors and the consumers they serve.
The benefits platform will support any consumer's health plan (HMO, PPO or HDHP) and, ultimately, is planned to include health information, decision support tools, and rewards.
WorldPoints included As part of the deal, MedImpact is also offering its clients a Bank of America credit card with the WorldPoints reward programme. In addition to earning reward points for everyday retail purchases, the credit card offers cardholders double reward points for retail purchases of medical services and pharmaceuticals.
Points can be redeemed through Bank of America's WorldPoints programme for merchandise, travel, cash back, or they can be converted into cash and deposited into a Health Savings Account.