Benefits Card Increases Appeal of Tax-Favored
Accounts
April 20, 2009 (PLANSPONSOR.com) - Health care
consumers report the availability of benefits cards
positively influenced their decision to sign up for
tax-favored accounts including Flexible Spending Accounts
(FSAs), Health Savings Accounts (HSAs), or Health
Reimbursement Arrangements (HRAs), according to the results
of the Evolution Benefits Consumer Experience
Survey.
Two-thirds of the nearly 900 survey respondents
indicated that availability of the card influenced their
decision to sign up for the benefit, while almost
three-quarters said that having a card made using their
account funds easier, a press release said. The majority
of consumers commented that they have encountered few -
if any - problems and know exactly where the card can be
used.
Card communication was rated as good to excellent.
As a result, according to the announcement, 92% of the
respondents said they knew where and how to use the card
and which items are eligible for pre-tax treatment based
on IRS guidelines. In addition, 87% of respondents found
it advantageous to have point of service
substantiation.
The survey was distributed to MasterCard
cardholders at 10 distinct employers in various
industries.
Rebecca Moore
editors@plansponsor.com