HSA & FSA Card Acceptance
As a healthcare receivables company, you need to accept Flexible Spending Accounts (FSA), and Health Savings Account (HSA) cards. They have become a popular way for consumers to manager their healthcare expenses, and Health Benefit Account spending is on the rise.
Did you know…?
Millions of workers have access to Flexible Spending Accounts, which are tax-saving vehicles that let them set money aside from their paychecks.
According to the Bureau of Labor Statistics National Compensation Survey, 39% of all workers in 2010 had access to a health care flexible spending account. Nearly 30 percent of employers offered an HSA eligible plan in 2015, according to the Employee Benefit Research Institute, and the number is expected to keep rising.
Card acceptance provides flexible options for the patient and increases collection activity for providers and their agencies. Card issuers are still at liberty to authorize or decline any payment as they would with any other type of credit card. HSA and FSA cards require that your business have a special classification (called a Merchant Category Code, or MCC) set so that the credit card companies know that payments received are directly related to a patient’s medical expenses.
