Products - Debit Card

The Newest Innovation in Claims Reimbursement!

In addition to claims reimbursement via check or direct deposit, we offer immediate claims reimbursement through a debit card. By offering this service, each plan participant electing to participate in a plan offering the benefits will be provided with a special, limited-use debit card.

How does the Debit Card work?

The debit card uses technology that restricts the use of the card to approved merchants only. Expenses incurred through approved merchants either will be approved if the account balance and merchant are correctly identified or they will be denied. The system also is designed to flag certain transactions, placing them into a pending status.

How will the Debit Card be funded?

The debit card requires an additional funding requirement. In order to offer the debit card, a balance roughly equal to 5% of the annual funding requirement must be maintained in a designated bank account. When used, the debit card is swiped at the point of sale, the merchant uploads the transaction to its bank and processing begins within the banking system. Generally, within 48 hours, the transaction will hit the bank account.

Will there be liability for fraudulent claims?

The IRS informally has approved these systems for general use. The IRS also has indicated that the employee is liable for fraudulent claims, not the employer/plan sponsor. If you incorporate the debit card as part of your plan, please be sure to notify us immediately of employee terminations in order that the card may be turned off in a timely manner.