American Express has launched a healthcare payment product that allows US cardmembers easy access to their healthcare flexible spending accounts (FSA).
The American Express Benefits Plus Card allows account holders to pay for healthcare with the card. In addition to the card, American Express has agreed to offer the card to corporations and their employees through agreements with PayFlex and WageWorks.
Employees contribute to an FSA account through payroll deductions to fund qualified medical expenses. With Benefits Plus, employees do not need to pay for qualified FSA healthcare expenses out of their own pockets and wait for reimbursement checks. In addition, they can track their account contributions and expenditures online and by phone.
David Bonalle, vice president of advanced payments at American Express, said: Benefits Plus is another way we can help enhance consumers’ choice and convenience by simplifying the administration of their healthcare reimbursement programs. We are pleased to work with PayFlex and WageWorks to bring this American Express product to market.