Covantage Inc - Compensation and Benefits - will develop health care debit card with PayFlex Systems USA Inc - Brief Article

HR Magazine, Dec, 2002

Covantage Inc. has joined with PayFlex Systems USA Inc. to develop and offer a health care debit card for flexible spending accounts (FSA). PayFlex Systems will handle the claims administration, and the health care debit cards will be available Jan. 1. The card works through a national debit card service, so that fees for eligible medical expenses are deducted immediately from an employee's FSA.

By using the cards, employees can avoid the hassle of filing paper-based reimbursement claims, and employers can reduce the costs of paying third-party administrators to manage FSA programs. With the new cards, employees also may obtain account information online or via a toll-free customer service telephone number.