Multi-Purse Benefit Debit Cards
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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, Metavante’s 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.