I recently got approved for the Bilt Mastercard, and I’m excited about its features, especially the ability to pay for Walgreens prescriptions and other purchases using the card. The best part is that it will automatically charge my Health Savings Account (HSA) for eligible items.
I have a question about privacy and what information is visible to Bilt/Wells Fargo. Specifically:
When I use my Bilt Mastercard to pay for a prescription at Walgreens, will Bilt/Wells Fargo be able to see the details of the individual prescription (like the name of the medication or the specific prescription number)?
Or will they only be able to see that I made a purchase at Walgreens and the total amount spent, without any specific details about the prescription itself?
No, they can’t see your prescription details. However, some companies buy data from different sources, so in theory, someone could link your card, phone number, or profile to your receipt.
Level 3 data includes detailed information about items, but I think prescriptions have a generic code that hides the specific drug name, so your credit card processor will only know that you bought a prescription drug, not the exact drug like Ozempic.
Most companies use Level 2 data, which may be what pharmacies use.
Walgreens is giving Bilt a special data set that separates HSA-eligible items and pays for them using either credit or HSA. This likely involves marking items as eligible for HSA. They probably either split the transaction into two amounts (one for HSA and one for non-HSA) or hide the names of HSA-eligible items.
Many vendors give more details to payment processors than what you usually see on your credit card statement. I only realized this when I got a corporate card that showed itemized lists for many purchases.
I haven’t used my corporate card for prescriptions, so I can’t say for sure, but it wouldn’t surprise me if big chains do provide more details. The concern about HIPAA is interesting, but there might be exceptions here. By this point in the process, you’ve already given a HIPAA release if required, as the pharmacy needs your prescription information from the doctor.
You didn’t ask, but OP, you might want to hold off on using your HSA until after you turn 65. It’s a special tax-advantaged account. You can reimburse yourself later, once the account has grown tax-free, so you don’t have to do it in the same year.
I regret reimbursing myself thousands from my HSA for medical expenses. I thought that was the proper way to use it. Now, I see it as an investment tool and wish I had used it differently.
I can guarantee that even if there was a way for them to access that information (which there isn’t), credit card companies wouldn’t be interested in managing healthcare data. I work in healthcare, and handling this data is complex and requires strict privacy measures. It’s not worth the effort for credit card companies to deal with this.
it’s just much better suited as an investment account.