Terms and Conditions

Terms and conditions for participate in the Flexible Spending Reimbursement Plan:

 

  • Federal regulations state that you must remain a participant for the entire 12-month period unless you terminate your employment.

 

  • To participate, you must complete a new Payroll Authorization form for each new Plan Year. By completing the Payroll Authorization form, you are authorizing your employer to reduce your compensation in the amounts stated above for the period of first day of the plan year through the last day of the plan year.

 

  • The amounts you have elected to have deducted for medical/dental/vision expenses and/or dependent care expenses are placed in separate funds. If there are any monies remaining in either fund at year-end, the monies are not transferable to meet expenses in the other fund.

 

  • You cannot increase or decrease these deductions during the Plan Year unless you experience a change in family status, such as marriage, divorce, death of spouse or dependent, birth of a child, adoption of a child.

 

  • You cannot submit claims with a date of service prior to the first day of the plan year.

 

  • Should you terminate employment and for any reason the amount paid to you exceeds the balance in my Flexible Spending Account, your employer may recover the funds from your final paycheck or any other amount due you.

 

  • IF YOUR PLAN HAS CARRY OVER: (verify with your employer)

 

  • You can carryover up to $500.00 of unused funds remaining at the end of the plan year in your Health Flexible Spending Account to pay for qualified medical expenses incurred during the next plan year.

 

  • You have 60 days after the end of the plan year to submit receipts for reimbursement of any unreimbursed Healthcare services incurred in plan year just completed.

 

  • If your expenses do not equal your account balance at the end of the plan year, the remaining balance over the $500 carried over is forfeited and becomes the property of your employer.

 

  • You have an additional 75 days after the end of the plan year to pay for unreimbursed Dependent Daycare services. You have 30 days after the extended deadline of the Plan Year to submit claims to Benefit Administrators, Inc. for reimbursement for these services.  DEPENDENT DAYCARE DOES NOT CARRY OVER.

 

  • Any monies remaining in this account after this 30-day period and after all eligible expenses have been submitted will be forfeited and become the property of your employer.

 

  • IF YOUR PLAN HAS THE GRACE PERIOD:  (verify with your employer)

 

  • You have an additional 75 days after the end of the plan year to pay for unreimbursed medical expenses or dependent care expenses.

 

  • You have 30 days after the extended deadline of the Plan Year to submit claims to Benefit Administrators, Inc. for reimbursement.  Any monies remaining in this account after this 30-day period and after all eligible expenses have been submitted will be forfeited and become the property of your employer.

 

  • You must submit copies of paid receipts to Benefit Administrators, Inc. for any and all covered services in order to receive reimbursement from the Plan
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