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Products September 23, 2004
The Hartford to Offer Debit Card Service for FSAs
September 23, 2004 (PLANSPONSOR.com) - The Hartford
Financial Services Group has announced that it will now offer
debit card access to its flexible spending accounts
(FSA).
Reported by Kip McDaniel
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.
The Hartford ( www.thehartford.com ), had revenues of $18.7 billion in 2003. Medical Group Insurance Services ( www.We-R-Flex.com ) is an insurance and benefits provider to the health care industry.
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