Get more! Sign up for PLANSPONSOR newsletters.
Products August 9, 2004
Motivano to Offer Prepaid Debit Card for HSAs
September 8, 2004 (PLANSPONSOR.com) - In a move that
is intended to reduce the amount of paper-work required for
Health Savings Account (HSA) processing, Motivano is
launching a debit-card style prepaid health card for the new
health plans, called 'SmartFlex'.
Reported by Kip McDaniel
In conjunction with UMB Bank, Motivano has release the multi-purpose card, with which a customer will have access to multiple accounts – for everything from HSA’s to parking accounts – on the same card.
“The ability to have a ‘multi-purpose’ card that can separate HSA, HRA, and FSA funds is essential in the growing prepaid card industry. We are excited about the opportunity and functionality that Motivano’s SmartFlex program brings to this market,” says Dennis Triplett, UMB’s Executive Vice President of Lending Services, in the release.
The debit card system for consumer-driven health plans has been growing in popularity as of late, as both employers and employees aim to reduce the amount of paperwork required.
“For healthcare consumers, the prepaid card is quickly becoming a critical part of HSA functionality. Without the card, it’s a paper-driven process. Our SmartFlex card relieves the administrative burden that healthcare providers and third party administrators face,” says Mark Keck, Motivano’s Executive Vice President, in a press release.
Motivano is a provider of electronic FSA, HRA, HSA, dependent care and mass transportation and parking prepaid card accounts as well as employee incentive and recognition programs. UMB Financial Corporation is a $6.9 billion holding company headquartered in Kansas City, Mo.