mySourceCard

Plan Administrators

Provide this MasterCard® Debit Card to your employers so it...

  • Makes you money
  • Reduces your administrative costs
  • Attracts new clients and keeps your existing ones

Connect your clients' employees to their...

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

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

Employees can use the card to pay for their health care and dependent care expenses at qualified locations that accept MasterCard, including doctor and dentist offices, pharmacies, vision care locations and merchants using an Inventory Information Approval System (IIAS). 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.

Since there is no PIN, when given the option between debit and credit, the employees should choose credit. 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 participant will be notified via e-mail.

How You Benefit

mySourceCard automates the process of reimbursing employees for eligible pre-tax expenses. Employees simply swipe the card at approved locations that accept MasterCard. Eligible expenses are automatically deducted from their pre-tax accounts.

  • Streamline your administration
  • Make more money
  • Attract and keep clients

You save administrative time and money due to a reduction in:

  • Manual claims processing costs
  • Mailing costs for manual claims (envelopes, postage)
  • Printing costs for manual claims (benefit statements)
  • Customer calls through online self-service
  • Electronic claims processing costs.
  • Manual processing costs of overpayments.
  • Autosubstantiated swipes at IIAS locations

The reduction of electronic claims and manual processing costs are due to an auto adjudication of copays as well as an online repayment system.

How Your Clients Benefit

For Employers, the mySourceCard increases plan participation, which:

  • Saves an employer in FICA taxes and payroll
  • Adds value to an employee benefits package
  • Helps offset rising health care costs

For Employees, the mySourceCard gives them:

  • Instant access to funds - no out-of-pocket expenses
  • Freedom from nearly all claim forms
  • A card that handles FSA, HSA, HRA, Transit, and DCAP
  • 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