BASE® Sees Demand for Debit Card Option with Flexible Spending Account
Immediate Reimbursement, Convenience & Less Paperwork Lead to Increased Employee Participation
Adel, IA, February 26, 2010 --(PR.com)-- BASE® began offering a Flexible Spending Account paired with a debit card in January. This has allowed employers looking to offer a BASE® 125 Cafeteria Plan the opportunity to benefit from the efficiencies and customer service of a one source employee benefit administrator.
The debit card feature provided by BASE® allows employees and their family members to easily access funds they have allocated for medical expenses to pay for out-of-pocket healthcare costs, such as office copays, prescriptions, dependent care, and more.
For employers the debit card feature helps to increase employee participation, which saves the employer FICA taxes and payroll expenses, adds value to an employee benefits package, and helps offset rising health care costs.
The addition of a debit card to the BASE® 125 Cafeteria Plan has transformed the entire reimbursement process. BASE® clients are able to virtually eliminate claim forms and reimbursement checks by opting to utilize the optional debit card feature. It is the ease of use that allows just a simple swipe of the card to transfer plan funds directly to qualified providers without hassle of writing a check or filling out reimbursement forms.
Gone are the times of having to wait a few days to be reimbursed for those qualified medical expenses. As cafeteria plans continue to grow in popularity, BASE® continues to improve the quality and service made available to clients with the addition of the debit card.
“2010 has brought the debit card feature to the forefront for BASE® clients. The debit card has been offered to existing and new clients that are enrolled in the BASE® 125 Cafeteria plan, and thus far, 61% of new clients have elected to utilize the card,” said BASE® Benefit Specialist, Joe Havenhill. He also mentioned the reasoning behind this increase and went on to say, “The debit card allows point of sale reimbursement, convenience, and less paperwork for the user.”
Debit cards are so convenient that they have been shown to increase employee participation by 25 percent once implemented. The ease of use motivates employees to increase the amounts they put into their accounts. This can mean substantial tax savings for the employer, at least 7.65% in payroll taxes for every employee dollar contributed to a pretax benefit plan.
This is why BASE® has made employee reimbursement through the BASE® 125 Cafeteria Plan just a card swipe away in 2010. Not only will it offer additional payroll tax savings for the employee and employer, but it also offers an easier way to take advantage of the benefits available through a BASE® Cafeteria Plan. Employers can offer this benefit to their employees by simply contacting a BASE® Benefit Specialist at 1-888-386-9680 for more information.
About BASE®
Established in 1999, BASE® is one of the nation’s leading employee benefit administrators. BASE® offers a variety of tax savings and benefit plans for small businesses, including the Health Reimbursement Arrangement (HRA) and the 125 Cafeteria Plan which includes a Flexible Spending Account (FSA), Dependent Care Assistance Plan (DCAP), Premium Only Plan (POP), and Health Care Premium Reimbursement (HCPR). To find out more about HRAs and Cafeteria Plans visit www.baseonline.com or contact a Benefit Specialist at 888-386-9680.
###
The debit card feature provided by BASE® allows employees and their family members to easily access funds they have allocated for medical expenses to pay for out-of-pocket healthcare costs, such as office copays, prescriptions, dependent care, and more.
For employers the debit card feature helps to increase employee participation, which saves the employer FICA taxes and payroll expenses, adds value to an employee benefits package, and helps offset rising health care costs.
The addition of a debit card to the BASE® 125 Cafeteria Plan has transformed the entire reimbursement process. BASE® clients are able to virtually eliminate claim forms and reimbursement checks by opting to utilize the optional debit card feature. It is the ease of use that allows just a simple swipe of the card to transfer plan funds directly to qualified providers without hassle of writing a check or filling out reimbursement forms.
Gone are the times of having to wait a few days to be reimbursed for those qualified medical expenses. As cafeteria plans continue to grow in popularity, BASE® continues to improve the quality and service made available to clients with the addition of the debit card.
“2010 has brought the debit card feature to the forefront for BASE® clients. The debit card has been offered to existing and new clients that are enrolled in the BASE® 125 Cafeteria plan, and thus far, 61% of new clients have elected to utilize the card,” said BASE® Benefit Specialist, Joe Havenhill. He also mentioned the reasoning behind this increase and went on to say, “The debit card allows point of sale reimbursement, convenience, and less paperwork for the user.”
Debit cards are so convenient that they have been shown to increase employee participation by 25 percent once implemented. The ease of use motivates employees to increase the amounts they put into their accounts. This can mean substantial tax savings for the employer, at least 7.65% in payroll taxes for every employee dollar contributed to a pretax benefit plan.
This is why BASE® has made employee reimbursement through the BASE® 125 Cafeteria Plan just a card swipe away in 2010. Not only will it offer additional payroll tax savings for the employee and employer, but it also offers an easier way to take advantage of the benefits available through a BASE® Cafeteria Plan. Employers can offer this benefit to their employees by simply contacting a BASE® Benefit Specialist at 1-888-386-9680 for more information.
About BASE®
Established in 1999, BASE® is one of the nation’s leading employee benefit administrators. BASE® offers a variety of tax savings and benefit plans for small businesses, including the Health Reimbursement Arrangement (HRA) and the 125 Cafeteria Plan which includes a Flexible Spending Account (FSA), Dependent Care Assistance Plan (DCAP), Premium Only Plan (POP), and Health Care Premium Reimbursement (HCPR). To find out more about HRAs and Cafeteria Plans visit www.baseonline.com or contact a Benefit Specialist at 888-386-9680.
###
Contact
BASE
Shawndi Filby
888-227-3105
http://www.baseonline.com
Shawndi Filby
888-227-3105
http://www.baseonline.com
Contact
Categories