Debit cards for health reimbursements – 4 must-have features
Reimbursing employees via debit cards can streamline your processes and boost participation in these healthcare cost cutters. Just make sure you pick the right vendor for the job.
Whether you offer a health savings account (HSA), health reimbursement account (HRA), flex spending account (FSA) or a combination of them, you’ll want to consider implementing a debit card program.
But there are a lot of choices out there, and on the surface many cards look the same.
Here’s a list of can’t-compromise-on features that will set your debit card program up for success:
- IRS compliance. IRS has specific regs on how these plans must be administered. You need to be sure your vendor is up to speed on everything the Taxman requires.
- One-stop-shop. You want a card that can handle HSA, HRA, FSA and even transportation benefits on a single card.
- Multiple pharmacy selections. Limit employees’ choices, and they’re not likely to buy into the program.
- Technology. You want someone who’s ahead of the curve here, not behind.
- Share on
Free Training & Resources
White Papers
Provided by Personify Health
White Papers
Provided by Anaplan
Further Reading
Whether payroll professionals use the most current Excel in Microsoft 365 or an earlier version, they’ll never find enough time to us...
The Biden administration is planning to add another reporting requirement for publicly traded companies. This time it’s taxes paid to...
Fall is the crunch-time season for unclaimed property reporting and escheatment. The states with approaching deadlines are almost as numero...
CFOs and benefits professionals can only do so much to influence employees to invest in a company 401(k) plan. So-called influencers are of...
How many times has your Finance team seen the word “processing” on their laptop screens this week? Instant payments, both via T...
AI and machine learning technology is giving companies an edge like they’ve never enjoyed before. Businesses can pinpoint exactly whi...
