Employee Services
Flexible Spending Accounts FAQ's
- How to use
your Flexible Spending Plan – now with the MBI MasterCard®
Debit Card.
- Contribution
Amounts and Calculator
- How does your
MBI MasterCard®Debit Card work with the FSA?
- What are some
examples of eligible FSA locations and providers?
- Do I choose
debit or credit at the credit card terminal when I use my card?
- How can I use
my card if I receive a bill from a provider at home?
- What if the
doctor’s office doesn’t take credit cards?
- Do I still
need to keep my receipts?
1. How to use your
Flexible Spending Plan – now with the MBI MasterCard®
Debit Card.
A Flexible Spending Account (also known as a
Healthcare Spending Account, part of a “Cafeteria” Plan
or Section 125 Plan) is a benefit provided by your employer that
allows individuals to contribute pre-tax dollars from their paycheck
to a spending account that can be used for eligible FSA expenses.
It saves you money by letting you use pretax
dollars to pay for items not paid for by your traditional health
insurance plan. You choose how much money you would like to automatically
deduct from your paycheck each pay period and put into your separate
FSA account. Then you can use the new Visa debit card to spend the
money on
eligible expenses.
2. Contribution Amounts
and Calculator
Please refer to your summary plan description
or contact your HR department or call us at 1-800-720-4460 for minimum
and maximum contribution amounts for the health care spending account.
You will want to estimate your healthcare expenses to figure out
the right contribution for you or your family. Click our FSA
Savings Calculator tool to help you calculate your healthcare
costs which will show you both how much to put in your FSA and how
much money you will save in taxes.
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3. How does the new
MBI MasterCard® Debit Card work with the FSA?
|
The MBI MasterCard® Debit Card
allows you to pay for eligible products and services at the
point of sale without submitting claim forms or waiting for
reimbursement. You can use the card at any eligible location
where MasterCard® or Visa® |
| is accepted.
Some examples of eligible locations include: hospitals, physician
offices, dental offices, vision service locations, and pharmacies
(retail and online). |
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list
4. What are some examples
of eligible FSA locations and providers?
Examples of qualified FSA locations and providers
include: Hospitals, Physician Offices, Dental Offices, Vision Service
Locations, Pharmacies, Durable Medical Supply Locations, Home Healthcare
Services, and Dependent Care Facilities.
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5.
Do I choose debit or credit at the credit card terminal when I use
my card?
The MBI MasterCard® Debit Card is a signature
based debit card and should be swiped as a credit card at the terminal.
There is no PIN number associated with the card.
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6. How can I use my
card if I receive a bill from a provider at home?
You can use the card by writing your card number
in the space provided on the bill and sending it back to the provider
or by giving the number to the provider over the phone.
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7.
What if the doctor’s office doesn’t take credit cards?
In these instances, cardholders will have to
"go back to the old way" and pay with cash or check and
submit a manual claim. However, industry research indicates that
over 90% of all FSA transactions are electronic.
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8.
Do I still need to keep my receipts?
Yes! Although there is no requirement for you
to complete claim forms, additional documentation will be requested
in cases where you swipe an amount that is not an exact copay amount
on your medical insurance plan.
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