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Health Card Company Adds Electronic Substantiation

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NU Online News Service, March 1, 2005, 4:33 p.m. EST

MBI Bank Inc., Waltham, Mass., has set up a process system that should cut paperwork for users of its payment cards.[@@]

MBI, one of the companies that sells debit cards that workers can use to draw on funds in health reimbursement arrangements, health savings accounts and flexible spending accounts, says it now has processing system arrangements that will use electronic data to verify whether purchases at participating drug stores are eligible for FSA reimbursement.

The service should reduce the need for workers to substantiate the eligibility of FSA transactions with paper receipts, MBI says.