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Reminder - Claims for 2009 Flexible Spending Accounts Deadline is March 31, 2010
Employees Should Submit 2009 MSA Claims Early
As Fringe Benefits Management Company (FBMC) receives 2009 manual claims and myFBMC CardSM claims during the grace period, January 1 – March 15, 2010, FBMC will pay those claims from the employee’s 2009 Medical Spending Account (MSA) first, if any funds remain in it. Then FBMC will pay claims from his 2010 MSA. If an employee waits to submit his 2009 claims, they could be rejected if his 2009 MSA has been exhausted paying more recent claims incurred during the grace period.
Flex Spending Accounts
Remember, you must enroll each year in October to have an active account for the following calendar year.
Medical Spending
Estimate the amount you and your family want to set aside in your Medical Spending Account, up to $5,000 per calendar year. If you are married and your spouse is eligible for coverage, you may each set aside up to $5,000. Consider only those expenses you and your family can expect to incur between January 1 and December 31.
Limited use Medical Spending accounts are available for employees enrolled in a Health Savings account.This is a use it or lose it account – you will not get back monies you do not use during the year.
Fees: $3.50 per month
Dependent Care
Estimate the amount you will spend during the year on dependent care, up to $5,000, depending on your tax status. Don’t forget to consider vacation and holiday time when you may not have to pay for dependent care. Special eligibility applies.
Fees: $3.50 per month
Health Savings Account
The State Health Plan Savings Plan enables subscribers who are willing to take greater responsibility for their healthcare costs to reduce their insurance premiums and, coupled with a Health Savings Account to save money for qualified medical expenses. Maximum contribution for a subscriber with single coverage is $2,900. Maximum contribution for subscriber who covers himself and any other family member can contribute $5800.
For detailed explanation of these programs see the State Insurance Benefits Guide pages 149-166
Fees: $1.00 per month
$10.00 per year of $1.00 per month – subscriber’s choice
.35 per check if reimbursed by check.
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