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.

Millions of workers have access to flexible spending accounts, which are tax-saving vehicles that let them set money aside on a pre-tax basis from their paychecks to cover anticipated healthcare or dependent care expenses. 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. As pioneers in facilitating the acceptance of these cards as payment for Healthcare Receivables, we will make sure that your account is properly configured to accept these card types