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The mySourceCard® is a MasterCard debit card that automatically reimburses employees for eligible pre-tax expenses.
Employees can use the card to pay for their health care and dependent care expenses at qualified locations that accept MasterCard, including doctor and dentist offices, pharmacies, vision care locations and merchants using an Inventory Information Approval System (IIAS). Approved expenses are automatically deducted from their pre-tax accounts - without the hassle of claim forms or reimbursement checks.
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 per your TPA. If any transactions require documentation, the participant will be notified via e-mail.
mySourceCard automates the process of reimbursing employees for eligible pre-tax expenses. Employees simply swipe the card at approved locations that accept MasterCard. Eligible expenses are automatically deducted from their pre-tax accounts.
You save administrative time and money due to a reduction in:
The reduction of electronic claims and manual processing costs are due to an auto adjudication of copays as well as an online repayment system.
For Employers, the mySourceCard increases plan participation, which:
For Employees, the mySourceCard gives them: