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Health Care Debit Cards Health care debit cards are one of the easiest ways for individuals to pay for qualified medical expenses from their flexible spending accounts (FSAs), health savings accounts (HSAs), or Health Reimbursement Arrangement (HRA). By using health care debit cards, the number of receipts and claim forms one must fill out in order to be reimbursed is significantly reduced. Instead, money from the account is used to pay for expenses right at the point of purchase. In addition to tax benefits offered to both employers and employees by flexible spending accounts, one of the major appeals of such plans is the control they give to individuals over their health care. FSAs are used to pay for expenses not covered under most traditional health care plans. This includes everyday purchases like over-the-counter medications, co-pays, and eyeglasses. Of course, the typical reimbursement process of most health plans can hinder the convenience offered. This is where health care debit cards can help. How Health Care Debit Cards Work Health care debit cards work just like regular debit cards. When a qualified purchase is made, the card is swiped and used as a regular card payment. If it is used to pay for items such as prescription drugs and the total matches one's typical co-pay, then the verification process stops there. Other expenses may need to be verified further with a receipt, but the money still comes from the account, so there is no need to worry about out-of-pocket expenses. There are some limits to how and where health care debit cards can be used. Items purchased with these cards must qualify for reimbursement under the plan and must be purchased at a qualifying store, such as a drugstore. With a flexible spending account such as those offered by take care, employees can track their purchases online, making it easy to keep track of their current balances as well as their spending habits. |
Additional Topics Consumer-Directed Health Plans Consumer-Driven Health Accounts Dependent Care Flexible Spending Accounts Flexible Health Spending Accounts Flexible Medical Expense Accounts Health Care Flexible Spending Accounts Health Reimbursement Arrangements IRS Section 125 Cafeteria Plans Medical Expenses and Income Tax Plan for Medical that Health Insurance Doesn't Cover Save 25% to 40% on Health Expenses Save on Co-Pays and Over-the-Counter Medications Save on LASIK and Orthodontic Costs Section 125 Plan Administration |
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