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TheStreet Open House

MasterCard Becomes Preferred Payment Brand For Aetna's Card Services In The U.S.

Stocks in this article: AET MA

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 services.

“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 customers’ businesses.”

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.

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