Prepaid Benny Card
EBC offers the Benny™ Prepaid Benefits Card, developed by Evolution Benefits, The use of the
Benny card is optional for both the Employer and the Employee with our 125 Health Flexible
Spending Account. Based on the recent IRS ruling, more and more mass merchants and
retailers are making it very convenient for customers to use benefits cards in their stores
without the need to submit receipts.
You're providing a new, low-cost, high-value benefit that employees love, in an age of
takeaways and cost shifting.
FICA Tax Savings
Implementing the Prepaid Benefits Card has resulted in increased employee
participation, as well as increased annual election amounts year after year. Employers have seen
immediate increases of 20 - 40% in participation, and annual contribution increases ranging from 10 -
50%. That translates into significant FICA tax saving that in some cases, can pay for the program.
Advanced auto-substantiation technologies can verify the eligibility of many
transactions, minimizing the need to request receipts from the cardholder. Letters requesting receipts
are sent only when necessary.
Cash flow friendly
Cardholder spending accounts (e.g. FSAs) are directly debited for eligible
expenses, eliminating "out-of-pocket" cash payments and then waiting for reimbursement.
Convenient and easy to use - Eliminates claim forms
Simple to track - balances are available online 24/7 - this detailed tracking can be used to predict
more accurate (and increased) annual election/salary reduction amounts in subsequent years.