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Benefits Debit Card
Cardholders eliminate the hassles of claim submission and waiting for a reimbursement check.
The Acclaim Benefits debit card is a payment option for FSA participants to use for qualifying healthcare and dependent care expenses. Participants can use this card to access available FSA funds to pay for products and services through eligible providers and merchants. The debit card can significantly reduce the time, cost and administrative tasks for employees, employers and plan administrators.
How the Debit Card Works
The Acclaim Benefits debit card streamlines the claims process by allowing employees immediate access to their FSA dollars, much like a debit card allows one to access a bank account. Participants simply present the debit card at the time of payment and the money is taken directly from their available FSA balance. The card reduces paper claim forms, check writing and wait time for reimbursement (employers offering the FSA debit card are required to pre-fund the account).
Our system screens all transactions by eligibility of the merchant, cardholder, and FSA fund balance. The system authorizes transactions that meet all criteria and then allows our Customer Service Representatives to review the purchases using our online real-time system.
If further documentation is required, Acclaim Benefits sends a monthly statement to participants itemizing their debit card transactions. The participant is then responsible for submitting proper substantiation (an itemized third-party receipt) to Acclaim Benefits, and therefore should keep all receipts.
Advantages to Employers and Employees
This attractive feature provides users with a quick and easy method of payment for qualifying healthcare and dependent care expenses. Significant advantages to employees include:
- No out-of-pocket payments
- No more waiting for a reimbursement check
- 24/7 online account access
- Monthly debit card account statement
- Ability to order a second card for spouse or dependent at no charge
In addition to adding value to your employee benefits package, years of statistics show that offering a debit card option to FSA participants increases plan participation and contributions, driving FICA tax savings for employers.