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PowerFlex Benefits Debit Card

The PowerFlex Benefits Debit Card makes accessing Reimbursement Account funds as simple as ABC. For starters, the Debit Card can be used virtually everywhere that MasterCard and Visa are accepted. Plan participants have immediate access to their FSA, HRA, HSA or Commuter Reimbursement Account funds at the point-of-sale. Multiple Reimbursement Account plans can be combined on a single card providing the flexibility, convenience and seamless compatibility that is crucial in working with today's Consumer Driven Heath Plan designs.

Utilizing the PowerFlex Benefits Debit Card in Reimbursement Account Plan designs offers significant advantages for both plan participants and employers. The PowerFlex Debit Card provides plan participants with the convenience of paying for eligible plan expenses using their Reimbursement Account funds at the point of sale. This immediate access to their benefit account funds eliminates participant out-of-pocket expenses and reimbursement wait times that are typical in a manual claims environment. The Debit Card automatically deducts each payment for eligible expenses directly from the appropriate Reimbursement Account when the card is used at an authorized merchant. Multiple reimbursement account plans can be loaded onto a single participant's card to provide the convenience and flexibility needed to support custom benefit plan designs. Studies have shown that offering debit cards is a proven way to increase plan participation rates in reimbursement accounts programs. And, higher participation rates offer advantages for employers by enabling them to maximize the tax savings on plan contributions and increase the likelihood of passing plan discrimination tests with greater ease.

The PowerFlex Debit Card system is powered by Metavante Healthcare Payment Solutions (MBI), a leader in payment card technology. PowerFlex and MBI have developed an interface that facilitates the automatic information flow between the two systems. Debit card swipes are approved using real-time account balance information, and debit card purchases will appear in PowerFlex. Manual claims entered into PowerFlex and approved by MBI prior to processing the reimbursement eliminate the potential for duplicate claim processing or overspent accounts. Debit Card auto-adjudication rules for co-pays and recurring expenses eliminate the need for plan members to submit after-purchase receipt documentation. And, in the event supporting documentation is needed, receipt requests can be automatically emailed to the plan participants without you needing to lift a finger!

The PowerFlex Debit Card offers substantial cost savings for the Employer as well. Debit Cards can virtually eliminate the endless mounds of paperwork, time and overhead expenses associated with the administration of Reimbursement Account Plans in a manual claims environment. Reducing the time spent receiving, processing, and reimbursing claims allows you to spend less time on plan administration and more time on more important company initiatives. The PowerFlex Debit Card system has no minimum card issuance requirements and is completely scalable for both large and smaller employers. And, competitive pricing ensures a quick return-on-investment.

The bottom line - the PowerFlex Benefits Debit Card System is a win-win for both the Employer and the plan participants!

 
Learn more about the advantages of debit cards for employers.



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