New FSA Administrator for 2013
Southeast Missouri State University will be offering the Medical Flexible Spending Account (maximum of $2,500) and Dependent Care Spending Account (maximum of $5,000 or $2,500 if married and filing single) benefits for the 2013 Plan Year. Note the Highlights below:
The Plan Year is January 1, 2013-December 31, 2013. Therefore, claims must be incurred during the Plan Year and submitted by March 31, 2014.
Services must be incurred during the Plan Year and while you are active on the Southeast Missouri State University Flexible Spending Account. If you terminate employment, you are able to submit claims that were incurred prior to your termination date by March 31, 2014.
If you terminate, your Dependent Care balance may be incurred anytime during the Plan Year (before or after your termination) and receipts must be received by March 31, 2014.
All receipts submitted for reimbursement must have a signed claim form.
Claims received by 3:00 on Monday are reimbursed on Tuesday. Claims received by 3:00 on Thursday are reimbursed on Friday. Claims can be filed by email, fax or mail:
Attention: April Tennell
300 S.E. Frank Phillips Blvd., Suite 200
Bartlesville, OK 74003
Phone: (800) 824-5034
Fax: (866) 513-9681
OVER-THE-COUNTER DRUGS AND MEDICINES REMINDER
Over-the-counter (OTC) medicines or drugs are not eligible for reimbursement unless the medicine or drug is prescribed by a physician regardless of whether a prescription is required to obtain the item (Insulin does not require a prescription). Your VISA Debit Card cannot be used for OTC medicines or drugs, therefore, you will need to purchase the item and submit the receipt along with a copy of the prescription to BMI-HealthPlans for reimbursement. OTC items other than medicines or drugs are still eligible expenses that can be purchased with the VISA Debit Card and will not require a prescription (bandages, contact lens solution, etc.).
Special Warning Notification
Your choices under the Medical Reimbursement Plan or Dependent Care Assistance Plan are irrevocable except as determined by IRS rules. If you have money left in either account at the end of the fiscal year for which you can make no claim, it will be forfeited. For these reasons, you must exercise great care in making your decision to participate in either account and great care in determining the amount of money you wish to set aside.
Because flexible spending accounts are not taxed, the IRS has issued strict rules and guidelines about their use. Before making the decision to contribute, consider the following three important IRS rules:
Accounts Are Separate - Medical Reimbursement Account holds contributions for eligible medical care expenses not covered by the medical insurance.
Dependent Care Assistance Account holds contributions for eligible child care and eldercare.
Calendar Year Basis - The funding and use of the flexible spending accounts are governed strictly on a calendar year basis, in accordance with IRS regulations. Funds cannot be carried over from the current year into the next Plan year. Alterations may occur only if there is a change in family status.
"Use It or Lose It" Provision - Because the IRS allows you to fund your flexible spending account tax-free, it expects you to limit your allocations to amounts you actually intend to spend. Therefore, you must use your entire flexible spending account balance by the end of the plan year in which you set it aside, and any amount left in your account after the end of the year must be forfeited. You have until March 31 of the following year to submit claims on expenses incurred during the previous plan year.
For the purposes of flexible spending accounts, a dependent is defined to be anyone you can claim on your taxes. Therefore, you may file a claim applicable to your flexible spending account, and the dependent need not be covered by your medical insurance.
You must file your enrollment decisions within the enrollment period. Decisions are irrevocable during the plan year unless there is a change in family status.
The University reserves the right to modify or terminate such plans at any time with or without notice. Participation in these plans is provided to eligible employees and does not constitute a guarantee of employment. Participation is subject to the terms and conditions specified in the plan documents.