Stock prices for Family Dollar Stores, Inc. (NYSE: FDO) have been rising steadily over the past two years; with the recession driving frugal consumers to sacrifice experience for savings; now a new announcement from the company is almost certain to make the 6,800 Family Dollar Stores more attractive to a wide segment of their frugal customer-base. OTCNetwork™ acceptance is now integrated into Family Dollar Store retail point-of-sale (POS) terminals. OTCNetwork, a partnership between Medagate Corporation and InComm, is the first national Over-The-Counter (OTC) benefits disbursement and redemption network for Medicare Advantage plans and their members. Previously, Medicare Advantage Plan members were forced to either order self-care OTC items from catalogues, or pay for OTC items out-of-pocket, then seek reimbursement from their health plan. Using OTCMedicare™ branded health benefits cards, seniors can now access their OTC Medicare benefits conveniently, while shopping at their local Family Dollar Store. Today over 11 million Medicare Advantage plan members are eligible for OTC Medicare benefits, representing $5.5 billion annually.
"Family Dollar is committed to promoting senior health and wellness, offering a large selection of name brand and Family Dollar branded OTC items in our easy to shop neighborhood locations," said Don Hamblen, Senior Vice President of Customer Marketing for Family Dollar. "Through acceptance of OTCNetwork and the OTCMedicare branded benefits card, Family Dollar offers Medicare Advantage plan members both convenient retail access to their OTC benefits, and the ability to stretch their OTC benefit dollars farther with our every-day low prices."
OTCNetwork features patented technology with acceptance integrated into front-of- store, point-of-sale terminals at over 20,000 retail locations in all 50 states, including Puerto Rico. OTCMedicare branded re-loadable prepaid cards are the first to restrict spend exclusively to OTC Medicare benefits eligible items. Rite-Aid and CVS are also OTCNetwork partners.
"We are extremely pleased to have OTCNetwork recognized and accepted at Family Dollar, one of the nation's leading discount retailers," said Devin Wade, CEO of Medagate. "Family Dollar understands and supports our mission of empowering Medicare Advantage plan members with the ability to treat less serious ailments via self-care with OTC medications, increasing member satisfaction, improving overall health, and dramatically reducing healthcare costs."
A brilliant move on the part of Family Dollar, this OTCNetwork acceptance provides a valuable added convenience to a large subsection of its customer-base which is bound to increase sales, loyalty and perhaps, stock prices.
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