It can access tax-favored spending accounts such as flexible spending accounts ( FSA) and health reimbursement accounts ( HRA ), and sometimes health savings accounts ( HSA) as well. Check expense eligibility anytime, anywhere. Learn more about the BASIC Card Employer saves 7.65% on every employee dollar contribution, One benefit card for all participant accounts. The IRS regulates what services or purchases are eligible under Section 125. ERISA Essentials FSAs are an employer sponsored benefit that allows employees to set aside money on a pretax basis for qualified medical and/or child care expenses. Posted November 4, 2020. by WEX Health. By continuing you agree to the Terms of Use and Privacy Notice. Trouble signing in? FMLA Payroll & Tax Filing If you participated in FSA for the prior plan year (2020) your existing card will still be good for the new plan year. HRA But opting out of some of these cookies may have an effect on your browsing experience. An FSA is not a savings account. A FSA Debit Card is a type of debit card issued in the United States. Our innovative technology provides the best experience for employees while taking advantage of this money saving benefit. Frequently Asked Questions about the FSA Debit Card What is the debit card? Using the debit card eliminates the need for you to pay out-of-pocket and wait for reimbursement. Nationwide FlexBasic account. A verification is when you pay for a qualified expense with your BASIC Debit Card. The Support Request function in the CDA system allows clients to submit requests, get a tracking number, and received status updates from BASICâs CDA team in a timely manner. These cookies will be stored in your browser only with your consent. Here’s how a health and medical expense FSA works: Employers set the maximum amount that you can contribute; however, it can’t exceed the IRS limit ($2,750 in 2020). BASIC Card. You should keep a copy of all documentation for debit card purchases/payments in case you are required … Debit cards can now be used as “debit” or “credit.” However, a merchant may ask you to use the card as a debit card. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. With a single app, participants can manage all their BASIC benefit accounts. BASIC provides superior responsiveness for clients and participants. FSAs fall under IRS regulations but not all FSAs are created equal. Nationally recognized FSA administrator specializing in technology and service. When you receive a service or purchase a product, simply present the Flex Debit Card and the provider will be paid with the money being deducted from your individual Flex Account. It can access tax-favored spending accounts such as flexible spending accounts ( FSA) and health reimbursement accounts ( HRA ), and sometimes health savings accounts ( HSA) as well. Learn more about. While this most commonly means child care, for children under the age of 13, it can also be used for a dependent of any age who are physically or mentally incapable of self-care. Yes, PPE Now Reimbursable, https://www.basiconline.com/wp-content/uploads/2021/03/covid19-economic-stimulus-check-picture-id1250802426.jpg, FSA Plan Provisions & Clarifications in January Stimulus Bill. The FSA Debit Card is coded to only work at: Merchants or health care providers that are set with a MCC code defining that purchase/service as a medical good or service, or Stores that have an Inventory Control System in place that confirms at the point of sale that any items that have been purchased are eligible for the Flexible Spending Program (FSA). Reimbursements are deposited directly into the participantsâ MyCash accounts. If you’re looking for a simple ‘no-fee’ account, try FlexDirect or FlexAccount. Most FSA plans come with a debit card you can use for qualified expenses, but if yours doesn’t, pay close attention to your claims window. The debit card knows if the card is being used in an authorized location, preventing it from being used at a hot dog stand or movie theater – places that don’t sell FSA eligible products. Widespread acceptance at approved providers of medical products and services that accept Debit Mastercard. These cookies do not store any personal information. FSAs can help you save money because you contribute to the account from your paycheck before federal taxes. This category only includes cookies that ensures basic functionalities and security features of the website. You are requesting a reimbursement from your BASIC Flex account for the money you paid out-of-pocket. We'll assume you're ok with this, but you can opt-out if you wish. Those funds can then be used to pay for certain qualifying medical expenses. Participants can use their BASIC Card to access MyCash funds or they can be transferred to another bank account. In three quick steps, participants can have BASIC pay healthcare providers directly on their behalf with our âPicture to Payâ feature. No paper, no postage, and no hassle for the participant. Using the BASIC Flex Debit Card 1. FSA Grace Period Example . In some cases, FSA holders who wish to access their funds are required to incur an out-of-pocket expense, and then submit receipts to their benefits administrator. Our experienced staff can help you establish a benefit plan that will satisfy the needs of your employees. A flexible spending account is a type of tax advantaged account set up through an employer. Timekeeping It helps us understand the number of visitors, where the visitors are coming from, and the pages they navigate. This reduces your taxable income.**. Participants who elect a Limited Purpose FSA can pay for dental and vision expenses with pretax funds. Use your debit card to purchase approved Over-T he-Counter items at www.drugstore.com and at www.walgreens.com for an extended list of items that can be purchased online. An employer can provide this as a way for individuals to … The BASIC Card can be used anywhere Mastercard is accepted. The cookies collect this data and are reported anonymously. OTC medicine such as pain relief, allergy pills, cough, cold, flu, and stomach remedies, Menstrual products including tampons, pads, liners, sponges, and cups, Easy enrollment through electronic files (EDI), Online CDA System to view all plan activity for you and your employees, Client reports by single benefit account or aggregated combining all benefit accounts, Our guaranteed compliance includes all legal plan documents, administration manual, and non-discrimination testing, Pricing is based on participation, giving the same advantage to any size group, Participants will love our superior benefit card technology which auto-approves 85% of transactions, all within the guidance of the IRS regulations, Employers can choose to enrich their benefits package with a wide range of healthcare benefit accounts like, Combine with a variety of available benefit accounts such as. In addition to the MCC, there’s an added layer of security through an … An FSA is a tool that may help employees manage their health care budget. Drenkow & Co., Inc., was founded in 1987 by ERISA attorney Rodney D. Drenkow as an independent employee benefit consultant and administrator. This is an account that is set up alongside your health insurance, and you can choose to have pretax dollars from your paycheck routed into it. Learn more about Dependent Care FSA. Proprietary smart card technology withdraws funds from the appropriate account(s) based on plan design and expense eligibility. ?§:¢0ÂFBx$ !«¤i@Ú¤¹H§È[EE1PLÊ â¢¡V¡6£ªQP¨>ÔUÔ(j Important news: if you have an FSA debit card. Advertisement cookies help us provide our visitors with relevant ads and marketing campaigns. All with no additional fees for employers! Contact Us, COBRA POP Plans allow employees to pay for their employerâs sponsored health plan premiums before taxes. All participant benefit accounts and MyCash account are linked to a single card. Careers It is mandatory to procure user consent prior to running these cookies on your website. Analytics cookies help us understand how our visitors interact with the website. ONE debit card for all benefits accounts. Flex Facts provides each participant a debit card to be used at the point of service so that the participant does not have to put money out of their pocket and wait for reimbursement. Dependent Verification. Participants can submit unpaid invoices to BASIC to pay their provider directly from their benefit account. You must be 18 or over to apply for FlexBasic. An FSA card is the debit card that allows you to access money in your flexible spending account. Proprietary smart card technology withdraws funds from the appropriate account(s) based on plan design and expense eligibility. A single debit card is issued that can be used for the Medical and Dependent Care FSA as well as Commuter Benefits and a Healthcare Reimbursement Arrangement if the participant has these … Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. However, there are some instances where it might be better to just use your bank debit card and then file for a reimbursement. Those funds can then be used to pay for certain qualifying medical expenses. However, any qualified medical expenses paid for using the FSA are tax-free dollars. Necessary cookies are absolutely essential for the website to function properly. This is an account that is set up alongside your health insurance, and you can choose to have pretax dollars from your paycheck routed into it. ACA Elevate FSA cards make the reimbursement process much easier by automatically withdrawing funds from the debit card. However, keep your healthcare receipts as some debit card transactions will require that you submit documentation of the card swipe to BASIC. Àp|îOÃàX Over-the-counter (OTC) medications and menstrual products are now FSA-eligible with the enactment of the CARES Act. Learn more about FSA regulations in our Section 125 FSA white paper. About Us The main purpose and benefit of contributing to and using an FSA is that any contributions made are pre-tax dollars. All participant benefit accounts and MyCash account are linked to a single card. MyCash enables the fastest reimbursement time possible. Unlike a medical FSA, dependent care is a pay as you go account. All participants receive an Erisa Trust Debit Card for use with FSA. We also use third-party cookies that help us analyze and understand how you use this website. If BASIC … An example of a Flexible spending account debit card with info edited out. FlexBasic is only for those who’ve been made bankrupt or who aren’t eligible for any of our other current accounts. This plan helps employees save money while retaining their HSA eligibility. 2. Current IRS limits can be found at our Regulations Page. The debit card greatly reduces the number of claims that you must submit for reimbursement! https://www.basiconline.com/our-services/fsa-administration A reimbursement is when you pay for a qualified expense and DO NOT use your BASIC Debit Card, but pay using check, cash or another credit or debit card. FSA 1. õMFk¢ÍÑÎè t,:.FW Ðè³èô8ú¡c1L&³³³Ó9 Æa¦±X¬:Öë År°bl1¶ HR Assist, HCM An example of a Flexible spending account debit card with info edited out. A cutting edge integrated system allowing employers and participants to manage all their benefit plans with one card, one website, and one mobile app. Beniversal Prepaid Mastercard – Instant access to funds. However, if an FSA holder opts to make a purchase with his/her card for a product or service that is a non-health care merchant, this merchant has to support an inventory information approval system (IIAS). MyCash is an unrestricted post-tax reimbursement account linked to participantsâ BASIC Cards. Imagine, for example, your plan year ends on Dec. 31, 2020. FSAs can also be established to pay for certain expenses to care for dependents while the legal guardian is at work. Each benefit under Section 125 has maximum contribution limits and guidelines for when elections can change. You may also use 1-800-CONTACTS or VisionDirect.com. Employees will get reimbursed once the paperwork is submitted for eligible expenses. Your information is secure Leave Management Regulations require a legal plan document to offer this benefit. Flexible spending accounts are a type of of tax-advantaged health care savings account that employees offer as a benefit of employment to employees. Examples include the ability to add, enroll and terminate employees in a benefit plan. Flexible Spending Accounts (FSA) are part of the IRS Section 125, also known as a cafeteria plan. Thank you for allowing BASIC to serve you! The debit card lets you electronically access pretax contributions you set aside in your flexible spending accounts (FSAs). A FSA Debit Card is a type of debit card issued in the United States. You can use your FSA debit card only to cover eligible expenses specified by your plan. Your FlexMoney Card® is a Visa® debit card that gives you easy access to the funds in your Health Care Flexible Spending Account (FSA), and a convenient way to pay for eligible health care expenses. A verification is when you pay for a qualified expense with your BASIC Debit Card. When your card is activated, it is assigned a PIN. 2. You can handle co -pays, prescription payments, and most incurred costs on the debit card. your BASIC Debit Card, but pay using check, cash or another credit or debit card. Limited Purpose FSAs were designed to work in-conjunction with Health Savings Accounts (HSA). An FSA card can only be used for health expenses, so if your FSA debit card still has money in it, then it would be best to use it before the year ends. An FSA card is the debit card that allows you to access money in your flexible spending account. A flexible spending account (FSA) lets you save money by setting aside pre-tax dollars to pay for eligible medical, dental, vision and dependent care expenses incurred by you, your spouse or your eligible dependents. This website uses cookies to improve your experience while you navigate through the website. At that point, you still have $150 left in unused funds in your FSA. This website uses cookies to improve your experience. If clients have a request regarding managing their benefit plan, weâve added an internal ticketing system to replace unstructured emails. When will I receive my debit card? This means you will need a personal identification number (PIN). FSAs can be … The debit card from UMR is a MasterCard® that gives you an easy, automatic way to pay for qualified health care expenses. More info; BRiWeb – Secure online resource for Flexible Spending balances, transaction details, online claims, receipt uploads and more. You are requesting a reimbursement from your BASIC Flex account for the money you paid out-of-pocket. {{{;}#âtp¶8_\. No matter what accounts a participant enrolls in (HSA, FSA, HRA, commuter benefits, or a combination), they only need ONE debit card because our technology can pull from the right account (at the right percentage) based on their purchase. Keep the receipt. You should keep a copy of all documentation for debit card purchases/payments in case you are required … Lock or unlock the BASIC card if lost, stolen, or found. your BASIC Debit Card, but pay using check, cash or another credit or debit card. If you have any questions regarding the renewal wizard, please contact Flex Customer Service at 800-444-1922 ext 1. Give your employees the ability to leverage pretax savings, request an FSA proposal today! Easily submit paid receipt verification to BASIC for quick reimbursement. Flexible Spending Account (FSA) Features. Call 800-372-3539. HSA BASIC would like to inform you of an important change to ourâ¦, one card, one website, and one mobile app, IRS Publications 15-b Cafeteria Plan Rules, https://www.basiconline.com/wp-content/uploads/2021/05/word-update-on-chalkboard-background-3d-rendering-picture-id1173141941-1.jpg, https://www.basiconline.com/wp-content/uploads/2019/03/BASIC-online-logo.png, Important Notice for Employee Navigator and Ease EDI Clients, https://www.basiconline.com/wp-content/uploads/2021/04/business-people-greeting-during-covid19-pandemic-elbow-bump-picture-id1220174622.jpg, Are Face Masks FSA Eligible? Faster than check or direct deposit! The BASIC Card can be used anywhere Mastercard is accepted. Quick Answers to 10 Top FSA Questions. You are requesting a reimbursement from your BASIC Flex account for the money you paid out-of-pocket.
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