Without debit cards, using flexible benefit account funds can be a headache for the participants – sometimes even a deterrent to participation in their employer-sponsored benefit account offerings. In the absence of cards, participants must pay for medical expenses out of pocket and then submit forms and receipts (and wait) to be reimbursed.
The WealthCare Card, FIS’ multi-purse debit card, gives participants a more practical way to pay for their day-to-day medical expenses such as co-pays, prescription medications, and other over-the-counter healthcare products – and eliminates most out-of-pocket expenses, paperwork, and reimbursement delays for the participant.
The multi-purse and account stacking features of the card offer participants the convenience of carrying one card that can access multiple benefit accounts (FSAs, HRAs, HSAs, etc.) – backed by a robust business rules engine that can auto-substantiate purchases for qualified expenses at the point of care, and debit the appropriate benefit account instantaneously. The WealthCare Card supports the SIGIS IIAS standard – which will enable increased usage, fewer transaction denials, and higher substantiation rates for participants. Cards can even be personalized (branded) to enhance the participant-employer or employer-administrator relationship.
The bottom line: While tax-sheltered flexible benefit accounts have many advantages to both the employer and the participant, it is the practicality of the debit card component that really makes those benefit accounts compelling to the participant.