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mySourceCardTM DEBIT CARD
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To increase employee
participation in Flexible Spending Accounts (FSAs) program,
many employers have found the mySourceCardTM
MasterCard®
to be an attractive benefit. The mySourceCardTM
MasterCard® drastically reduces the need for
employees to pay cash for eligible expenses, thus increasing
the overall benefit employees receive from using their FSA.
On average, employers realize a 60% increase in overall
dollars contributed to the FSA plans (new participants’
contributions plus the increase in existing contributions),
which results in additional FICA savings to the employer.
Admin America is a licensed
Third Party Administrator (TPA) of the mySourceCardTM
MasterCard® program. This program allows the
Participant to pay for qualified Section 125 expenses at the
point of purchase. When the Debit Card is presented, the
participant’s eligibility and available fund balances are
verified electronically. The funds are then
"Debited" from the Plan Sponsor’s (Employer’s)
bank account. The TPA and Employer are also electronically
notified of the debit transactions on a daily basis.
At this point, the
Participant has "paid" for the expense and even
though they are not "Out of Pocket" any money.
However, the participant still has an obligation to file
supporting documentation to Admin America. Admin America and
mySourceCardTM
have various controls and safeguards in place to assure that
all required procedures are followed.
If an eligible provider
does not accept MasterCard then the participant must file
the standard paper claim with Admin America. Admin America
offers several options for reimbursing participants for
expenses that are not paid for with their debit card.
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