Bank of America Credit Card Offers Double Rewards for Medical Expenses
By Justin McHenry
Bank of America and pharmacy benefits management company MedImpact have announced a partnership to offer MedImpact’s customers a suite of health-related services, including a Bank of America credit card that will offer double reward points when used to pay for medical services and pharmaceuticals.
The co-branded credit card includes Bank of America’s well-known WorldPoints program, allowing points to be used for merchandise, travel rewards, or cash back. In addition, however, this card will also allow reward money earned to be deposited into a Health Savings Account, or HSA, an investment vehicle with funds earmarked for future medical expenses.
The credit card is part of an overall package of offerings MedImpact is introducing in conjunction with Bank of America, including HSAs, Flexible Spending Accounts, Health Reimbursement Arrangements, debit cards, account and claims administration, marketing, communication and education services.