If you are currently enrolled in a Flexible Spending Account (FSA) program, you already know the benefits of using pre-tax funds to pay for health-related, out-of-pocket costs not covered by your insurance. Your employer also has the option to provide you with an FSA health debit card.
NEO is proud to offer the BASIC Prepaid Benefits Card to pay for qualified expenses directly from your FSA plan. The Card is programmed with the value of your FSA benefit at the beginning of your plan year, and can be used throughout the year to to pay for eligible expenses at the point-of-sale:
Advantages of using a debit card include:
- No more paying cash up front! Payment for medical and/or dependent care services is made directly from your FSA account.
- The number of claim forms is reduced. However, a claim form and receipt may be required to verify with IRS regulation. Read more: Debit Card Guidelines.
- You have real-time online access to your debit card information, including account balance and transaction history.
Download the Debit Card Brochure for more information.