A stored-value debit card like the Benny™ Benefits Card can add value to a BESTflexSM Plan or an EBC HRASM in a number of ways, depending on your plan design.
- Participants use the card instead of paying out-of-pocket for eligible medical expenses
- The card makes the plan easier to use, reducing the need to file a paper claim form
- The card adds convenience since it can be used at many retailers, health care, dental and vision providers
- The card makes the plan efficient since it automatically verifies transactions at point-of-sale at many locations
- Participation in Flexible Spending Accounts like the BESTflex Plan increases, because employees see the debit card as an additional benefit
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- Employers can customize and brand their cards for their employees to meet their individual needs
- Employers can establish pre- and post-tax dollars and accounts on their card
When BESTflex Plan participants swipe their Benny™ Benefits Card, it debits the connected Health Care FSA. Participants use the card to pay for the same products and eligible health care expenses that qualify under the BESTflex Plan Health Care FSA.
If an employer adds a grace period to their BESTflex Plan, Benny™ will automatically look at the previous plan year to determine whether there
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is a balance remaining before drawing on the new Health Care FSA election.
Once the grace period ends, the card will begin using the current plan year’s funds. An expense incurred during the grace period greater than the amount remaining in their previous plan year draws from both the old and new accounts.
Our Sales team can assist employers in creating EBC HRA plan designs to take advantage of Benny™, such as:
- An EBC HRA that reimburses all Section 213 expenses
- An EBC HRA that reimburses medical deductible, coinsurance, and copay expenses only
- An EBC HRA that reimburses prescription and over-the-counter expenses
- An EBC HRA that reimburses prescription expenses only
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Our in-house Employer and Participant Services teams help both employers and participants understand how to get the most value from the Benny™ Benefits Card.
Both the participant portal online, My Account Assistant, and the employer portal online, My Account Administrator, make monitoring Benny™ claims activity a snap.
For clients with both the BESTflex Plan and the EBC HRA, plan designs can be created that allow Benny™ to “stack” reimbursement funds. For example, one plan design might let Benny™ pay expenses using funds from the BESTflex Plan first, then draw on funds available through the EBC HRA.
This helps ensure participants use their elections before the end of the plan year, drawing on EBC HRA funds as a reserve.
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