Pre-Paid Benefit Card

pre-paid-benefit-cardBenefits Network is pleased to offer the Benny™ Prepaid Benefits Card, developed by Evolution1®

Benefit cards are available with the following Benefits Network programs:

  • Flexible Spending Accounts (FSAs).
  • Health Reimbursement Accounts (HRAs).

Pre-paid benefit cards provide easier benefit access and increased employee satisfaction for tax-favored accounts.

Want to learn more? Contact Benefits Network today!

Pre-Paid Cards Benefit Employers

As an employer, you can offer your employees a new, low-cost, high-value benefit that employees love in an age of takeaways and cost shifting.

FICA Tax Savings. It has been shown that implementing pre-paid benefit cards results in increased employee participation, as well as increased annual election amounts year after year. Employers have seen increases of 20-40% in participation and annual contribution increases ranging from 10% to 50%.

The end result can be significant FICA tax savings that in some cases can pay for the program.

IRS Compliance. Advanced auto-substantiation technologies can verify the eligibility of many transactions, minimizing the need to request receipts from the cardholder.

Letters requesting receipts are sent only when necessary.

Pre-Paid Cards Benefit Employees

Cash Flow Friendly. Cardholder spending accounts (e.g. FSAs) are directly debited for eligible expenses, eliminating “out-of-pocket” cash payments and then waiting for reimbursement.

Convenient. Easy to use pre-paid benefit cards eliminate claim forms.

Simple to Track. Balances are available online 24/7. This detailed tracking can be used to predict more accurate (and increased) annual election/salary reduction amounts in subsequent years.

Contact Benefits Network today! Let us help you determine if a Pre-Paid Benefit Card is right for your business and your employees.