Prepaid cards and insurance claims aren't two things you often see together. But consider the following scenarios:
1) Imagine one of your family members develops a serious illness. Treatments are expensive - costing hundreds, even thousands, of dollars. Usually a patient is required to pay costs upfront and then submit a claim to their insurance company for reimbursement. For families with special needs and high healthcare costs, footing these bills upfront can create a huge burden.
2) A severe storm has ravaged through your neighbourhood, leaving many homes damaged and in need of major repairs. The following few days are crucial. You will need a place to stay, food to eat and other necessities - which require considerable funds you may not have on hand. Even if you do, banks in the area might not be open and your closest ATM may be out of service.
How Does Prepaid Work Into All of This?
Implementing a prepaid card system in these two situations means insurance claims are adjudicated in real time, payments processing is immediate, and funds can be used on the spot.
In the case of health insurance, a prepaid card system confirms coverage right at a medical office. Once coverage is approved, treatments are then paid for through insurance. This whole process only takes a matter of minutes.
In the case of emergency and disaster situations, families can receive a prepaid card on-site with money to purchase food, clothing and shelter. Instead of filing a claim and then waiting for funds, insurance agents assess damage and then load a prepaid card at the scene of the emergency for immediate use.
These new programs don't just increase plan holder satisfaction. Prepaid cards eliminate paperwork and streamline claims submission and payments processes.
They're easy to use too. Healthcare providers who accept prepaid for insurance claims (whether it's a hospital, orthodontist or any other organization) simply need a Point of Sale (POS) terminal to file insurance claims online and directly receive payment at the time of service. In emergency and disaster situations, prepaid card recipients can make purchases anywhere Visa is accepted, including both online and internationally.