Virtual, Paperless and Real-Time Health & Welfare Benefit Plan
The FlexAccount debit card enables employees to only pay for eligible expenses wherever Mastercard® is accepted— from healthcare providers to hospitals and vision service locations. Once a cardholder swipes the card at an eligible merchant location, the system preliminarily screens the transaction. It determines whether there are sufficient funds credited to the employee’s account. The transaction is approved only if there are sufficient funds available in the employee’s account. It is at this point that the merchant will be paid from the employee account. The employee’s benefit amount is debited to reflect payment of an approved expense “real-time.” There is no direct payment or reimbursement necessary to the participant.
The debit card is programmed to be accepted only at qualified merchants relating directly to healthcare where eligible purchases can be made, such as hospitals, doctors, pharmacies, opticians, etc. This limitation substantially ensures that the card will not be used for non-qualifying expenses. For situations where Mastercard® is not an acceptable form of payment, AXIS offers a comprehensive paper claims system. Employees may mail or fax claims and approved claims are paid within three business days.
The FlexAccount Plan is a defined contribution benefit that eliminates concerns about compliance with DOL guidance. Government contracts are specific on how to meet the health and welfare fringe benefit obligations with the emphasis to pay the fringe benefit on hours worked, or hours paid. With AXIS, the employees are receiving credit for the actual fringe benefit dollars. This is the simplest form of compliance.
The AXIS Plan permits any Major Medical Program to become compliant with the Service Contract and Davis Bacon Acts. Now you can use your current Major Medical Plan, or one of AXIS’ Major Medical Plans, and not worry about compliance.
