Great-West Life has launched a new credit card-based system, making it easier for plan members to pay for treatments covered under their respective plans.
The group benefits provider has partnered with U.S.-based Evolution Benefits Inc. to launch the first-ever Visa card for healthcare spending accounts in Canada.
The Health SolutionsPlusVisa payment card will be loaded with the appropriate balance available in a group plan member’s account. The card will allow members to conveniently pay for covered health-related products and services from providers authorized by Great-West Life, using the provider’s existing Visa payment processing equipment.
This will significantly reduce the need for plan members to pay upfront and submit paper or electronic claims for reimbursement, thereby decreasing out-of-pocket expenses.
“We are committed to continually advancing the customer service experience and being a leader in the innovative use of technology for our customers,” said Dave Johnston, executive vice-president of Great-West Life’s group insurance division.
“In addition to providing plan sponsors with new options for benefits plan design, plan members will also be empowered to choose how and where they spend their healthcare spending account funds, thereby offering significantly increased convenience and flexibility.”