MBI Benefits

MBI (Medical Benefit Administrators, Inc.) was a pioneering healthcare technology company that revolutionized the administration of tax-advantaged benefit accounts, such as Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs). The company is best known for developing the "MBI Card," the first electronic payment card that allowed consumers to pay for eligible out-of-pocket healthcare expenses directly from their benefit accounts at the point of sale. This innovation significantly reduced the administrative burden of manual claims processing and reimbursement, driving the growth of consumer-directed healthcare. Headquartered in Waltham, Massachusetts, MBI provided its platform to a broad network of third-party administrators, insurance carriers, and financial institutions. In 2005, MBI was acquired by Metavante Corporation for approximately $145 million, and its technology was subsequently integrated into the FIS healthcare payment suite.