Visa Canada and Great-West Life have teamed up to give Canadian plan members a simplified way to use their health benefits with a new benefits payment card.

The card, called the Health SolutionsPlus Visa payment card, will allow point-of-sale access to a group plan member’s available healthcare spending account (HCSA) balance. The card will reduce the need for plan members to pay out-of-pocket for health services and supplies covered by their benefits plan.

With the creation of this card, Great-West Life has become the first Canadian insurer to launch a Visa payment card for health benefits. “The Visa payment card for HCSA claims will deliver an enhanced experience for plan members,” says Brad Fedorchuk, vice-president of group benefits marketing for Great-West Life. “Additionally, we have launched new cost-containment product options with Health SolutionsPlus that can help plan sponsors implement cost saving plan changes while maintaining plan member satisfaction.”

The healthcare industry is witnessing a shift from cash and cheques to electronic payments. Consumers benefit from the convenience, security and transparency of payment cards when paying for healthcare expenses, while providers recognize the benefits of increased potential to collect on receivables and reduced administration.

“Healthcare spending accounts in Canada use comparable technology platforms to the health savings accounts and flexible savings accounts in the United States market,” explains Mike Bradley, head of products, with Visa Canada. “This segment has grown by more than 35% a year over the past decade. We see payment card technology as the way of the future for Canadian HCSAs.”

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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