Louisville, Ky. (November 1, 2005) SHPS, one of the nations largest providers of health spending accounts, announced today it will eliminate the monthly card fee for its new, technologically-advanced health spending account debit card. The new card gives participants easy payment access to virtually all national healthcare providers.

In addition to eliminating monthly fees for most clients, the card offers SHPS participants the advantage of combining all their health spending accounts onto a single card. Card holders will have access to multiple accounts, including flexible spending accounts (FSAs), health reimbursement accounts (HRAs), and health savings accounts (HSAs) to better manage their tax-exempt healthcare dollars. Participants will also benefit from improved adjudication of their purchases, making the card virtually hassle-free.

Were very excited about launching the new debit card, as it completely changes the dynamics of the spending account industry. It eliminates the monthly cost, access and adjudication concerns for employers and participants, said Rishabh Mehrotra, SHPS president, human resource solutions and chief technology officer. This new card also underscores SHPS focus and investment in being a technology innovator in healthcare spending accounts.

The reduced cost and convenience of the card are expected to significantly increase employee participation in spending account programs, furthering the trend toward healthcare consumerism and boosting employers cost savings. Clients who work with SHPS to automate claim validation can expect to see significant savings in monthly fees per participating employee.

As a result of SHPS industry-leading auto-substantiation rates, were able to process our spending account claims very efficiently and pass along the savings, added Mehrotra. Eliminating monthly fees for the new debit card is SHPS way of thanking clients for working with us to achieve high auto-substantiation rates and increased productivity through access to health claims data.

The new card is being launched with 20 large employers as part of a new SHPS communication campaign to increase employee awareness of spending accounts as a core employee benefit. In addition to the card, SHPS is providing clients a wide range of spending account-themed materials to generate employee interest, including posters, electronic Flash promotions, videos, direct mail, e-mail alerts, enrollment reminder phone calls, and scratch-and-win cards for use in benefit fairs.

About SHPS | Carewise Health
SHPS is a leading, independent provider of integrated health solutions that improve personal health and reduce spending. By integrating traditional health management and benefits administration services, SHPS delivers people-centric solutions that empower individuals to make wise healthcare choices. It serves large and mid-sized employers, government agencies, and third-party administrators through the company’s Carewise Health, Landacorp, and SHPS brands. Visit www.carewisehealth.com.

For More Information
LeAnn Ross
Director of Marketing
leann.ross@shps.com

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