eflex Convenience Card

The eflex convenience card works along the same guidelines as a debit or check card and can be used at all eligible merchant locations that accept Mastercard or Visa. The available balance on the card is the amount that the employee elected to contribute to their Health FSA or the amount of credit they have in their Dependent Care or Individual Health Premium FSA.

As the employee uses the card to pay for their eligible expenses the amount is automatically deducted from their account, so there is no more waiting for reimbursement or filing of claims.

Benefits

The eflex convenience card greatly increases employee participation, which in turn increases employer and employee tax savings. For most employees one major deterrent of participating in flex plans is having to wait for reimbursement and the hassle of having to file claims. The eflex convenience card virtually eliminates both of these complaints. Participation levels among companies who have implemented the eflex convenience card have more than doubled!

Guidelines

eflexgroup is still required to insure that all expenses that are paid for with the eflex convenience card are eligible according to IRS guidelines. There are some restrictions that are placed on the card that help prevent the misuse of the card.

The card is merchant coded not merchandise coded.

Every merchant who accepts Mastercard is assigned one of roughly 30 merchant codes. The codes are listed according to industry; such as restaurants, pharmacies, dentist office. Only valid merchant codes are “open” to the card, which means if someone tries to use the card at a restaurant or gas station it would be declined.

Employees must save all receipts.

Dependent on the further guidelines that are put on the card eflexgroup may request the receipts from the employees to verify the eligibility of their expenses. If this is the case, the employee would receive a letter or e-mail from eflexgroup requesting they fax or send in their receipt. All eflex convenience card users are instructed to save all their receipts for purchases made with the card.

Contact a Sales Representative to get the eflex convenience card for your company.

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Further Questions?

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