If you are dealing with overwhelming medical bills and drowning in debt, you might be interested in the new program announced by Bank of America and MedImpact Healthcare Systems, Inc. The two companies just announced on February 27 they will be launching a new program specifically designed to help both employers and their employees with managing the costs of health care. As we all know full well, the costs of health care are spiraling out of control. People are being forced to come out of retirement in order to get access to medical insurance and companies are continually having to raise the costs their employees need to absorb. So any relief that consumers can get in this area is certainly welcome with open arms.
The new program will involve a fully integrated “Consumer-Directed Health Care” platform provided by Bank of America Benefit Solutions as well as a credit card product offered by Bank of America Card Services. This credit card will be the first co-branded rewards card offered by the credit card juggernaut.
In addition to the rewards benefits, MedImpact’s new rewards card will offer a Health Savings Account (HSA) through their MedEmpower product, which will be made available as a service for these cardholders. With the MedEmpower HSA, cardholders will be able to enjoy the benefits of a Flexible Spending Account that allow consumers to deduct pre-tax income from their paychecks for health care expenses. In addition, the card will work in conjunction with any health plan, including PPOs, HMOs, and HDHPs. In the long run, the program will also offer wellness information as well as support tools.
On the rewards, MedImpact allows cardholders to participate in the WorldPoints reward program. With this program, cardholders can earn reward points for the purchases they make on a daily basis. In addition, they will earn double reward points for payment of medical services. These points can then be redeemed for travel, merchandise, or cash. If desired, the earned cash can be flipped back into their Health Savings Accounts. The card doesn’t require an annual fee either.
MedImpact currently has 27 million members nationwide, including unions, insurance carriers, Fortune 500 companies, and managed care organizations. With a focus on lowering costs and improving the quality of health care for their clients, it seems like a perfect partnership with Bank of America, which is looking to increase its visibility in the co-branded rewards credit cards market.