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BOSTONCOLLEGE
BENEFITS OFFICE
FLEXIBLE SPENDING ACCOUNTS – NOTES FOR 2013
- On-line Enrollment – directly through Crosby Benefit Systems
Please see accompanying page entitled: “Instructions for Online FSA Enrollment”
If you encounter problems, or you have questions, call Crosby Benefits at 1-866-918-9711, 8:00 a.m. to 8:00 p.m. (M-F).
- Annual Maximum for the Medical/Dental Account: Effective January 1, 2013, the federal Affordable Care Act limits the annual maximum to $2,500 (down from $5,000 in previous years).
3.Annual Maximum for the Dependent Care Account: $5,000.00
4. “Debit Card” for Health Care Expenses
If you participate in the Medical Care FSA, you will receive the Crosby Benefits“Flex Debit Card.”It works like a credit card and can be used to pay foreligible health care expenses at pharmacies, medical providers, and certain largegrocery and department stores. Unlike a credit card, however, the cost of the purchases you make with the card is automatically deducted (‘debited’) from your FSA Medical Care Account. [If you need a card for a family member, see “Reimbursement Account Information & Preferences” and click on the Profile tabwhen you are enrolling online,or call Crosby. There’s no charge for an extra card.]
The card should only be used for eligible health care expenses you incur while covered under the plan. Keep receipts when you use the card. In some cases, includingalldental and vision care expenses, you will still need to file documentation with Crosby so they can verify that the expenses meet IRS FSA guidelines. Crosby will notify you if verification is needed. You will be required to reimburse your account for any use of the card for ineligible expenses.
Remember: The “Debit Card”cannot be used to purchase over-the-counter medicines and drugs unless they are prescribed by a physician. To receive reimbursement for over-the-counter medicines and drugs, you will have to submit your reimbursement request form along with a physician’s prescription and supporting bills/receipts directly to Crosby Benefits.
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- 2 ½ Month Carry-over Feature for Medical/Dental Accounts
Under the “grace period” provision, unused Medical/Dental Account balances at the end of one calendar year may be carried forward for up to 2 ½ months into the next calendar year. In effect, you will have 14 ½ months to incur expenses against your annual contributions.
Note for Current 2012 Participants: During the “grace period” for 2012 (Jan. 1 – Mar. 15, 2013) you can incur claims using any unexpended funds from your 2012CrosbyMedical/Dental Account. You can continue to use your current Debit Card after December 31st. The card will automatically debit any remaining 2012 balances before debiting your 2013 account.
- “Pay the Provider” Option
At your option, you can often instruct Crosby to pay your provider directly from your FSA account. This feature is particularly useful for Dependent Care expenses. (The amount must be in your account in order for the payment to be made.) You can use a paper formto submit “Pay the Provider” instructions, along with documentation of the service performed, or you can submit online instructions. A customized Boston College form is available at (Participant Area, Forms and Info).
- Claim Forms
Standard claim forms, “Reimbursement Requests,”available on-line from Crosby or from the Benefits Office, may also be used to submit claims for reimbursement from both FSA accounts.
- Savings Example
You can save significant tax dollars by using an FSA account for predictable expensesformedical/dental services. For example, if you usetwo maintenance prescriptions each month, one witha$10.00 co-pay and one with a $20.00co-pay, and you visit a doctor three times a year, each with a $20 co-pay, those expenses wouldtotal $420. Paying with pre-tax dollars could save you about $124 (assuming a 7.65% FICAsavings, a 5% state tax savings, and a 17% federal tax savings).
After you enroll, Crosby will send written confirmation of your election(s).
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