What is the MBI Benefits Card?

The MBI Benefits Card is a debit-like MasterCardÒ that can be used to pay for eligible Flexible Spending Account expenses electronically.  The card can be used at pre-determined qualified merchants, from physician and dental offices to pharmacies and vision centers.  Approved expenses are automatically deducted from a participant’s account of pre-tax funds that have been set-aside in their FSA account. 

What are the benefits of the MBI Benefits Card?

For Employers:

• The card increases FSA participation, resulting in greater FICA savings.
• On average employers realize a 25% increase in participation in Flex Plans and a 28% increase in per-employee contributions as a result of introducing the MBI Benefits Card.
• Overall employers realize a 60% increase in overall dollars contributed to their Flex account plans (new contributions plus the increase in existing contributions.

• Cost Analysis:

For Employees:

• No out of pocket spending.
• No more waiting for reimbursement checks.
• Card works where MasterCardÒ is accepted.

How does the card work?

When a participant incurs an eligible expense and uses the MBI Benefits Card to pay for it, the card checks eligibility and determines if:

• The participant is qualified,
• The Plan master account has adequate funds,
• And the participant’s account has adequate funds to cover the expense.

The claim is then reviewed electronically by MBI.  It is still important that all receipts are submitted, as they are required to verify expense eligibility. 

How does the card know what expenses are eligible?

Each MBI Benefits Card is set up to approve specific service providers and merchants that qualify under the participant’s pre-tax program.  The card will deny transactions from service providers whose codes are not pre-programmed on the card.

Examples of qualified merchants and service providers include:

• Hospitals
• Pharmacies
• Physician Offices
• Vision Service Locations
• Durable Medical Supply Locations
• Home Healthcare Services
• Dependent Care Facilities

Will a transaction be denied if there aren’t enough funds to cover the expense? 

Yes, transactions greater than the participants account balance will be denied. 

What happens if card doesn’t work or the provider doesn’t accept MasterCard®?

Mail or fax a Request for Reimbursement form with receipts to our office.  For more information on filing a Request for Reimbursement follow this link. 

What happens if the card approves an ineligible expense?

Should the card approve an ineligible expense, the participant is required by the IRS to send in a claim form with the receipts and a check payable to CHC for the amount of the ineligible expense.  If those items are not received within 10 business days the participant’s card will be deactivated and the account frozen until the time when reimbursement is received or the amount of the overpayment is offset by eligible claims that have been received to cover the overpayment.  At that time the card will be reactivated.  CHC does reserve the right to take the overpayment from a participant’s paycheck if reimbursement is not received by the end of the year. 

Can my spouse have a card?

Yes, the fee is $5.00.

What if the card is lost or stolen?

Call our office immediately to have the card deactivated.  A replacement card can be ordered for a small fee and should arrive within five business days.  Any eligible expense incurred during this time may be reimbursed by filing a Request for Reimbursement.