PURCHASE, N.Y. & HARTFORD, Conn.--(BUSINESS WIRE)--MasterCard and Aetna (NYSE: AET) today announced that MasterCard is now the preferred payment brand for Aetna’s card services. The strategic agreement brings together MasterCard, one of the most recognized brands in global payments and card benefits, and Aetna, a leader in consumer health care solutions. The agreement applies to Aetna’s:
- Health Care Flexible Spending Accounts (FSA);
- Health Savings Accounts (HSA);
- Health Reimbursement Arrangements (HRA); and
- Prepaid stored value cards for dental, vision and disability payment services, such as the recently launched Aetna ValuePass SM card.
“Consumers are looking to get more active in managing their health and health care finances,” said Rob Butler, head of Consumer Financial Solutions for Aetna. “We are pleased to join forces with MasterCard, an industry leader in card services. Our new agreement will help empower consumers with the products, services and tools they need to make informed decisions that help them get the most for their health care dollar.”
Aetna acquired leading benefits administrator PayFlex Systems USA in 2011. Aetna is now leveraging the existing relationship between MasterCard and PayFlex to offer health care customers access to secure, easy to use card services.
“MasterCard has the industry knowledge, products and technologies, and innovation to become the premier partner for all U.S. health care benefit and insurance providers,” said Michael Cyr, group executive, MasterCard. “Our relationship with PayFlex and Aetna is based on more than just transactions. We truly partner with our customers and offer additional value through consulting and information services. We take a holistic approach to our customers’ businesses.”
Leading the way, empowering consumers
Aetna’s agreement with MasterCard continues its long-standing commitment to delivering consumer-directed products. Aetna was the first national, full-service health insurer to offer a consumer-directed health plan in 2001. Consumer-directed health plans allow consumers to access money in an account, usually attached to a high-deductible health plan, to pay for eligible health expenses with pre-tax dollars.
A recent study of Aetna’s health care claims and utilization shows members with Aetna HealthFund consumer-directed plans were more engaged health care consumers than members with traditional plans. Members with Aetna HealthFund plans received more preventive care, used online tools more frequently and had lower health care costs.
Employers that replaced their traditional health plans with Aetna HealthFund plans also saved nearly $350 per member per year. The lower health care costs result in savings of $20.8 million over a six-year period for every 10,000 members.
Innovative consumer solutions respond to market demand
MasterCard and Aetna also recently launched The Aetna ValuePassSM, a “pay as you go” dental option to help consumers get access to the dental care they need. The Aetna ValuePassSM is the first pre-paid card that helps consumers pay for dental care when they need it, at affordable prices with no insurance plan or membership fees required. The innovation is available at www.aetnavaluepass.com.
“In 2011, the U.S. prepaid healthcare opportunity was placed at $24.7 billion. By 2017, the figure is expected to more than double to $52.4 billion,” said Marcia Vannuccini, head of Aetna Card Solutions. “We are pleased to join forces with MasterCard, an industry leader in card services, to deliver new and innovative offerings to this growing marketplace.”
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Aetna is one of the nation's leading diversified health care benefits companies, serving approximately 37.3 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services and health information technology services. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com.