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.

Employer Advantages

New Benefit

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.

IRS Compliance

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.

Employee Advantages

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.