What is the Take Care Card®?
It’s not every day a new product comes along that simplifies our lives while offering so many tangible assets. The Take Care® card is a debit card that simplifies and enhances the healthcare purchasing power of individuals holding funds in Flexible Spending Accounts (FSAs), Dependent Care Accounts (DCAs), Health Savings Accounts (HSAs), and HRAs.
How the Take Care® Card Works
Currently, many employees set aside pretax income from their paychecks in an FSA, DCA, or HSA account. They must then use after-tax money for medical expenditures and mail necessary claim forms and receipts for reimbursement from the FSA, DCA, or HSA account. Essentially, they must spend twice to save once.
The Take Care® card streamlines the claims process by allowing employees instant electronic access to their FSA, DCA or HSA account, much like a debit card allows one to access a bank account. The Take Care system can screen all transactions by eligibility of the merchant, cardholder, and account fund balances. Card holders eliminate the hassles of waiting for a reimbursement check. The card reduces check writing and waiting time for reimbursement.
Take Care® Card Advantages
In today’s competitive world of recruiting and retaining talented people, human resource departments are looking for a broad range of benefits to attract and retain employees. The Take Care® card gives your employees easy, convenient access to their FSA or DCA account. With the Take Care® card, not only do your employees win, but your organization will reduce paperwork associated with these accounts while achieving important tax savings. The Take Care® card can increase your organization’s flex account participation thereby lowering your company’s FICA taxes.
The Benefits include:
- Simplified account access
- Increased employee Flex participation and decreased payroll taxes
Your employees will spend less time submitting receipts and reimbursement forms and then waiting weeks for a check to arrive in the mail. With the Take Care® card, your employees will have an easy way to access their funds.
The Advantages include:
- Merchants and providers are paid at the point-of-sale
- No out-of-pocket expenses at the time of service
- No waiting for reimbursement
- Participants may be eligible for discounts at participating merchants and providers
- Easier access and more efficient use of Flex funds decreases the risk of losing unused funds at the end of the year