Not only does the Card provide a line of credit, it also has additional benefits including multiple repayment types, including 0% financing options.1 If you have a Health Savings Account (HSA) or Flexible Savings Account (FSA), you can link these accounts to your PayWoot Health Spending Card and save up to 25%3 by repaying healthcare expenses using pre-tax dollars. And finally, the card has no annual fee1, so it can be there when you need it and not cost you anything when you don't.

No. Our partner, Lane Health, performs a soft credit check on PayWoot Health Spending Card applications, but there is no negative impact to your credit score if you are not approved or choose not to open an account. Similar to most lending products, Lane Health will perform a hard credit check and report the opening of a PayWoot Health Spending Card account for those that are approved—which may affect your credit score. 

No. This Card works with or without a linked spending account. Upon approval, you are assigned a credit limit that can be used to pay for qualified healthcare expenses. If you have linked your spending account, you can use the pre-tax funds available to pay back the Card at your discretion.

When you apply for the Card, you can link your eligible Health Savings Account (HSA) during the signup process or later in the cardmember portal.

You pay no annual fees.1 We don't charge interest.1  You can take advantage of 0% financing options1 for the following qualified expenses:

• Hospital for 12 months
• Other healthcare for 4 months

For all other types of healthcare bills we do charge origination and periodic finance fees that total between 8-13% of the original loan amount over 12 months (see chart for how this varies by loan amount). Specifically, we charge a 5% origination fee plus periodic finance fees (charged four times over the 12 months and gets smaller as you pay back your loan).

After applying and being approved for the PayWoot Health Spending Card, you can view your virtual card information within your Lane Health account.

Yes, only qualified healthcare expenses are approved. As is currently the case with HSAs, it's always up to you to ensure that expenses are considered qualified healthcare expenses. And as is currently the case with FSAs, expenses must be substantiated. A comprehensive list of qualified expenses can be found on the IRS website: https://www.irs.gov/forms-pubs/about-publication-502.

Yes. When the Card pulls available funds from your linked Health Savings Account, those actions will be visible as transactions by the Health Savings Account administrator. Our partner, Lane Health, will be listed as the merchant for these transactions, and you will be able to view these transactions like you would any other transaction from your account. In addition, all transactions, including payments through the linked account, will be visible on the Lane Health mobile app portal (bewell.lanehealth.com) and periodic statements. 

Yes. Loan repayments will be done in 12 equal installments, monthly.

You can link your Health Savings Account or your bank account to make payments towards your outstanding Card balance. Additionally, you can call in to make a payment.

The PayWoot Health Spending Card will only approve up to your credit limit. Any purchase attempt that exceeds your credit limit will be declined. 

Yes, you can. 

Yes, you can. Every loan (defined as new charges during the statement period) will be defaulted to a 12-month repayment option (with fees) but you have the option to select 'Pay in Full' or 'Pay in 4 installments' (without fees1. You can select the repayment options at any time between the statement date (the date when the new charges are consolidated into a loan) and the day before the Due Date (which will be 14 days after the statement date).