NU Online News Service, March 12, 2004, 4:22 p.m. EST – Med-i-Bank Inc., Waltham, Mass., has taken steps to reduce the need for members and administrators of personal health accounts to save and process paper receipts.[@@]
MBI develops debit card-based account systems for running flexible spending accounts and other health accounts.
MBI has added features for matching patient payments with health plan co-payment amounts; using electronic records to show that recurring expenses are eligible for reimbursement; and determining which purchases are eligible for plan reimbursement while the card holder is making the purchases.
The “real-time transaction splitting” feature can help a card holder use cash from an FSA to pay for eligible over-the-counter drugs and cash from another account to pay for cotton balls at the same time.
MBI based the features on suggestions that the Internal Revenue Service included in a recent discussion of FSA debit card administration systems.
More than 900,000 consumers now have MBI cards, MBI says.