Making the most of your Flexible Spending Account with the mySourceCard®
Using the mySourceCard®
mySourceCard® MasterCard® Debit Card Reduces:
Your employees can have easier access to their Flexible Spending Account and Health Reimbursement Account Funds through the use of the debit card.
This MasterCard® debit card transfers funds from employee benefit accounts directly to qualified providers with no out-of-pocket cost and sometimes no need to file a claim for reimbursement.
The mySourceCard® can be used at any qualified service provider that accepts MasterCard®. Additionally, the mySourceCard® is accepted at merchant locations using the new Inventory Information Approval System (IIAS). Participants may use the mySourceCard® for eligible health care expenses such as medical deductibles, copayments, prescriptions, dental or vision expenses. The card can also be used for dependent care expenses as long as the provider accepts MasterCard®.
For the most part, the mySourceCard® works just like any other debit card, except for five important differences:
Since there is no PIN, when given the option between debit and credit, the employees should choose credit. mySourceCard® operates through programmed merchant codes. Each provider that accepts MasterCard® is assigned a Merchant Category Code. There are over 500 such codes; however, only those codes related to eligible expenses under your specific benefit plan are programmed on the card. Additionally, card swipes for eligible purchases made at retail merchants with an Inventory Information Approval System (IIAS) may be autosubstantiated. If any transactions require documentation, the participant will be notified via e-mail.
The participant swipes the card for an expense that is more than the available credit? The card will be denied at the merchant and a paper claim will need to be submitted instead.
The participant swipes the card for an ineligible expense? If the card is swiped for amount besides a pre-programmed copay amount or if the merchant does not have the IIAS system, we will require documentation to be submitted in order to adjudicate the claim. If we receive the documentation and the expense was not eligible we will require a refund to be made within 30 days. If the refund is not received the card will be deactivated and paper claim reimbursement will be withheld until repayment is collected.
FSA • SECTION 125
HRA • SECTION 105
Health Reimbursement Arrangements
HSA • SECTION 223
Health Savings Accounts
Reimbursable / Unreimbursable Expenses