Did you know you can take your benefits accounts on-the-go? With the demands of today’s modern society – more than two-thirds of Americans own a mobile phone – many benefits administrators offer account holders the modern conveniences of mobile apps and debit cards. These make it very easy for those who have a Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), or Health Savings Account (HSA) to access account information and benefit dollars while they’re out and about.
Benefits Mobile App
Many third party administrators offer a benefits mobile app when your employer signs up for services. These apps are available for most mobile devices and can be found on Apple store, Google Play, and other app vendors. When you download an app, you can manage account information, view balances, upload claim information, and more.
View account balance(s)
Do you know exactly how much is left in your FSA? With a mobile app, you can check your balance in real time, so you know how much you have left to make a qualified purchase. This can be especially handy as the plan year comes to an end and you need to spend down your benefit dollars.
Upload receipts for claims
Some apps allow participants to take pictures of their receipts and upload them to the portal through their mobile app. This can save a great deal of time, rather than having to fill out paper forms and emailing or faxing them to the administrator.
Do you owe your provider a payment? If your benefits mobile app allows it, you can send payment with just a few screen taps.
Benefits Debit Card
In addition to the mobile app, a benefits debit card also helps account holders get more from their FSA or HSA. Like a banking debit card, a benefits debit card is easy to use. Most cards are partnered with Mastercard or Visa, which means they can be used just about everywhere those card types are accepted.
Convenient shopping options
Many online retailers like FSA Store and Amazon, among others, accept benefits debit cards for buying eligible items. When shopping online, you can use search terms like “FSA” or “HSA” to find those exact qualified items.
Other places you can use your benefits debit card include pharmacies, doctor/dentist offices, bus or subway depots (if you have a Transit/Commuter account), or grocery stores. Find a store near you that sells FSA/HSA eligible expenses.
Security features like IIAS (an inventory code) and MCC (merchant code) restrictions help secure your card so that funds are not used for inappropriate items, which can result in having to pay the money back or a costly audit by the IRS.
Fewer claims to file
One of the biggest advantages of a benefits debit card is that account holders don’t have to file as many claims. When you use the card to make an eligible purchase, the card auto-substantiates (approves). However, your benefits administrator may ask for receipts on occasion, so be sure to keep all of your documentation. And if you have a benefits mobile app, you can always upload forms and other relevant information.
Using your FSA or HSA account is easy with a benefits mobile app and debit card. Talk to your HR or benefits administrator for more information.