Health care flexible spending accounts will change as a result of the healthcare reform legislation.
Beginning January 1, 2012, currently eligible over-the-counter (OTC) products that are medicines or drugs (e.g., acne treatments, allergy and cold medicines, antacids, etc.) will not be eligible for reimbursement from your Health Care FSA - unless, you have a prescription for that item written by your physician. You can not use your Benny card for this purchase.
The only exception is insulin - which will not require a prescription from January 1, 2012 forward. Other currently eligible OTC items that are not medicines or drugs, such as bandages, will not require a prescription. Your Benny card can continue to be used for these purchases.
You can still access the BAS System for Benefits and Flexible Spending Information. Use the ID and password you selected during Online Enrollment.
You have until March 15 of the following year to incur eligible expenses for the current Plan Year. While this does not eliminate the use-it-or-lose-it rule completely, you have a great advantage to avoid forfeiting unused funds. If you have a balance remaining in your Health or Dependent Care FSA account as of December 31, you can use those funds for eligible expenses incurred from January 1 through March 15 of the following year.
For the 2014 Plan Year, you have until March 15, 2015 to incur eligible expenses. If you have enrolled in both 2014 and 2015, any qualified expenses incurred between Jan 1, 2014 to March 15, 2015 will first automatically pull from 2014 funds left over until that account is exhausted. Expenses incurred Jan 1, 2015 through Dec 31, 2015 will be paid out of 2015 plan year funds only.
For 2015 plan year funds, you have until March 31, 2016 to submit claims for eligible expenses you incurred through March 15, 2016.
Deadline for submitting eligible expenses to Your FSA at Employees Benefits Department:
The deadline for submitting claims for eligible expenses remains the same as previous years. You have until March 31, 2015 to submit claims for the 2014 plan year.
The Health Care FSA maximum contribution for 2015 is $2,500.
Weekly deadline: Claims must be received by Friday at 1:00 p.m. for payment by the following Friday.
You can find a detailed cost and savings calculator provided at MyBenny.com or at the EBD site www.ebd.ok.gov
Medical Spending Account
The Medical Spending Account provides tax-free reimbursement of eligible expenses such as copays, deductibles, coinsurance, etc., that are NOT covered by your health, dental or vision plan.
The health care reform legislation signed into law by the President impacts over-the-counter (OTC) purchases with Health Care Flexible Spending Accounts beginning in January of 2013. OTC drugs, medicines and biologicals remain eligible, but only with a letter of medical necessity from a medical provider.
Our debit card provider will be updating the eligible products criteria to reflect movement of these items from the “Eligible” to “Non-Eligible” category. NOTE: Because these items now require a doctor’s directive, these items can no longer be purchased by the debit card program; however, they could be reimbursed by filing a paper claim with a doctor’s letter of medical necessity.
Daycare Spending Account
The Daycare Spending Account allows you to pay for childcare and dependent elder care expenses, that enables you (and your spouse) to work, with tax-free dollars.