Health Care Flexible Spending Account (HCFSA)
You can elect to set aside up to $2,500 for the 2014 plan year and $2,550 for the 2015 plan year to pay for out-of-pocket medical expenses using your health care flexible spending account. These expenses may be for yourself, your spouse, and any dependents you claim for income tax purposes. You do not have to participate in a NHRMC health plan, or have your dependents enrolled in a NHRMC health plan, to use the flexible spending account.
- Flores & Associates is the FSA claims administrator.
- Every year you must re-enroll in the flexible spending plans during open enrollment.
- Reimbursements: Claims filed on paper and faxed will be processed weekly.
- According to current IRS rules, an expense is considered incurred when service is actually received, not when you are billed or pay for the service.
- Each employee enrolling in a HCFSA can request an optional BennyTM card.
- Grace period allows you to incur eligible expenses until March 15, 2015 for the 2014 benefit year and March 15, 2016 for the 2015 benefit year.
- The run out period allows you to submit claims until June 15, 2015, for the 2014 benefit year for services incurred prior to March 15, 2015.
If you do not enroll in the HCFSA at the beginning of the plan year, but then enroll sometime during the year due to a qualifying change in status or as a new hire upon becoming benefit eligible, your maximum election will be pro-rated.