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
Webinars
Provided by Yooz
Further Reading
Finance teams have always known expense fraud is a problem. What’s changed is the scale, the motivation, and the profile of who’...
Employee experience – including employee mental health – has become a higher priority for many organizations, according to rese...
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup w...
The Internal Revenue Service has extended corporate, business and individual tax deadlines out to June 17 for San Diego, Detroit and dozens...
Excel financial formulas allow users to process accounting data quickly and easily. To use a financial formula in Excel, click on the â€...
For finance leaders, not many responsibilities are as stressful (or as important) as closing the books. The financial close aims to make su...
