mySourceCard

Employers

Employee reimbursement is just a card swipe away! Connect your employees to their:

  • Flexible Spending Accounts
  • Cafeteria Plans
  • Dependent Care Reimbursements
  • Reimbursement Accounts
  • Health Reimbursement Arrangements
  • Health Savings Accounts
  • Transit Reimbursement Accounts

What is the Purpose of the Card?

The mySourceCard® is a MasterCard® debit card that automatically reimburses your employees for eligible pre-tax expenses.

Your employees can use the card to pay for their health care, dependent care, and transit expenses at qualified locations that accept MasterCard, including doctor and dentist offices, pharmacies, vision care locations and merchants with the Inventory Information Approval System (IIAS) in place. Approved expenses are automatically deducted from their pre-tax accounts - without the hassle of claim forms or reimbursement checks.

How the Card Works

For the most part, the mySourceCard works just like any other debit card, except for five important differences:

  • Limited to specific merchants decided by the benefit account.
  • Limited to eligible expenses decided by the benefit account.
  • Employees can't use it at the ATM.
  • Employees can't use it for "cash back" with a purchase.
  • There is no PIN.

mySourceCard operates through programmed merchant codes. Each provider that accepts MasterCard is assigned a Merchant Category Code. There are over 500 such codes; however, only those codes related to eligible expenses under your specific benefit plan are programmed on the card. Additionally, card swipes for eligible purchases made at retail merchants with an Inventory Information Approval System, (IIAS) may be autosubstantiated per your TPA. If any transactions require documentation, the employee will be notified via e-mail.

How You Benefit

Employers, you save money every time an employee swipes the card!

This MasterCard Debit Card increases plan participation, which...

  • Saves you in FICA taxes and payroll
  • Reduces claims form paperwork
  • Virtually replaces reimbursement checks
  • Adds value to an employee benefits package
  • Helps offset rising health care costs

Looking to increase participation in your plan? Look no further!

You already know your company saves FICA taxes on every dollar your employees put through your pre-tax benefit plans. The more money your employees contribute, the more your company saves - it's great for both employees and employers! But did you also know many employees choose not to participate in a pre-tax benefit plan because of the hassle involved with submitting claims and the wait for the reimbursement?

Increase your savings by maximizing plan participation!

With mySourceCard, employees pay the provider directly from their pre-tax accounts, virtually eliminating the need to complete claim forms and the wait for reimbursements. Tapping into the power of the MasterCard payment platform, employees simply present their mySourceCard at any qualifying merchant or provider location. With a swipe of the card, the provider is immediately paid for the services directly from the employees' benefit plan funds.

Save administrative costs by reducing:

  • Manual claims processing costs
  • Service calls through online self-service
  • Electronic claims costs due to auto adjudication of copays
  • Costs of overpayments by online repayment system

How Your Employees Benefit

mySourceCard gives the employee:

  • Instant access to funds - no out-of-pocket expenses
  • Freedom from nearly all claim forms
  • A card that handles FSA, HSA, HRA, DCAP, and Transit plans
  • Pre-tax accounts for health and dependent care expenses
  • A way to save money by using these pre-tax accounts
  • Freedom from virtually all reimbursement checks
  • 24/7 account access on www.myrsc.com