US-based employee benefits provider The Guardian Life Insurance Company of America has introduced the Benny prepaid MasterCard debit card and web tools as part of its FlexPlan, which enables clients to easily access and manage flexible spending accounts.
Guardian’s FlexPlan offers employees point of service access to money they set aside in their flexible spending account (FSA), minimizing steps of substantiating claims with receipts and waiting for FSA reimbursements via mail. Clients can use the new debit card product to pay for their healthcare expenses, including drug prescriptions, eyeglasses and medical co-payments.
Prior to FSA debit card options, plan members paid for healthcare expenses out of pocket and after deductions were already made from the employee’s paycheck to fund the FSA. Additional paperwork was required for employees to be reimbursed for expenses. This process often makes flexible spending accounts a valuable but underused benefit.
The Benny prepaid MasterCard debit card is a fast and easy way for employees to access money they’ve set aside in their FSA, said Steve Toby, director of worksite planning for Guardian. Administering a flexible spending account has never been easier. The Benny prepaid MasterCard debit card gives our brokers a competitive advantage and underscores our commitment to offer small and midsize businesses a growing range of value-added services to support our medical, dental, life, disability and vision products, all of which, excluding medical, are available on an a voluntary employee-pay-all basis.
In addition to the added convenience of FSA debit cards, plan holders and their members have real-time access to their plan and account information 24 hours a day online. Meanwhile, employers can manage their FSA offerings by accessing Guardian Anytime.