MasterCard Becomes Preferred Payment Brand for Aetna's Card Services in the
Members Benefit from Savings, Flexibility and Simplicity of Electronic Card
To tweet this news, copy and paste: NEWS: #MasterCard becomes preferred
payment brand for Aetna’s Card Services in US http://bit.ly/Xp20yx
PURCHASE, N.Y. & HARTFORD, Conn. -- February 4, 2013
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
“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
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
Innovative consumer solutions respond to market demand
MasterCard and Aetna also recently launched The Aetna ValuePass^SM, a “pay as
you go” dental option to help consumers get access to the dental care they
need. The Aetna ValuePass^SM 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
“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
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.
Beth Kitchener, 914-249-2058
Ethan Slavin, 860-273-6095
Press spacebar to pause and continue. Press esc to stop.