The company’s FSA, Flex Convenience, which is offered to The Hartford Group’s life, accident and disability insurance customers, will now offer debit cards to lessen the paperwork required for holders of an FSA. The service will be available thought Medical Group Insurance Services, Inc., which provides FSA administration services.
In a press release, the company claimed that in some cases, the addition of debit cards to FSA offerings has increased participation by over 300%.
Funds placed in an employee’s flexible spending account are not subject to federal income tax, and can be used to pay for qualified medical and dependent care expenses. Eligible FSA medical expenses include co-payments, orthodontia, eyeglasses and over-the-counter medicines such as antacids, pain relievers, allergy and cold medicines.