BASE® will be offering a BASE® mySourceCard®
This debit card is for employees who participate in an employer-sponsored BASE® 125 Cafeteria Plan. The debit card feature provided by BASE® will allow 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 will help 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 will transform the entire reimbursement process. BASE® clients will be 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 will allow 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.
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.
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® will begin making employee reimbursement through the BASE® 125 Cafeteria Plan just a card swipe away on January 1, 2010. Not only will it offer additional payroll tax savings for the employee and employer, but also it will now offer 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 1-800-309-8012 for more information.
