Beginning on January Reimbursement Account claims will be paid twice a week. The average turnround time between submission of a claim and the issuance of the check is two weeks. Payments for the Dependent Care Reimbursement Account claims will still require that the funds be avilable in the participants' account and the service period has passed before issuance of a check.
If a claim is submitted for less than $, the payment will be held until the total reimbursement equals $ or more. If there is less than $ in the account, the Third Party Administrator will run a report twice a year in June and December, to identify those claims and pay them.
Final Claim Submission Deadline
The last possible date employees may submit claims for reimbursement from their MRA and/or DCRA is June of the year following their participation in FlexElect. This means that b2c datasets employees have six full months after the plan year has ended to submit their claims for expenses incurred during the plan year for which they were enrolled. If a claim is not postmarked by June (or the next working day if June falls on a weekend or holiday) the claim will not be processed and will be returned to the employee.
Reimbursement checks are mailed directly to the employees' home using address information on file with SCO. Direct Deposit will be available starting January , Participants can enroll by going to ASI's website at www.asiflex.com, then click on "Forms" and then click on "Direct Deposit/Email Notification Form." Employees should be reminded to verify the address information on file with SCO through their Personnel Office and to complete an "Employee Action Request" (EAR) Form (STD. ) if the address is not correct. The TPA (recordkeeper) is sent updated address information by SCO twice monthly on the st and the th. Depending on when the EAR is processed the recordkeeper will update its address files accordingly. Employees should be reminded to verify the address information on file with SCO through their Personnel Office and to complete an "Employee Action Request" (EAR) Form (STD. ) if the address is not correct. The TPA (recordkeeper) is sent updated address information by SCO twice monthly on the st and the th. Depending on when the EAR is processed the recordkeeper will update its address files accordingly.
Extension of Benefits for / Months into the Next Plan Year
If the participants' rembursement account is active on December , the IRS rules on deferred compensation allows payment for medical and dependent care expenses incurred up to two and one-half months after the end of the plan year. In other words, employees may use money deducted during one plan year to pay for medical and dependent care expenses incurred up to March th of the following year. Employees still have until June th of the following year to claim expenses incurred up to March th and any unused amount at that time will be forfeited pursuant to IRS Rules.
Claims will be paid in the order in which they are received. If the employee has an account balance in their prior plan year's account, and a claim is received with a date of service during the grace period, the expense will automatically be paid from their prior plan year's account. If a claim is received at a later date, with a date of service in the prior plan year, and all the funds have been paid from their prior plan year account, the claim will not be paid.
For this reason, it is important that the employee file claims in the order that their expenses are incurred. This will help to assure that they maximize the use of their account for both plan years.
Reimbursement checks are mailed directly to the employees' home using address information on file with SCO. Direct Deposit will be available starting January , Participants can enroll by going to ASI's website at www.asiflex.com, then click on "Forms" and then click on "Direct Deposit/Email Notification Form." Employees should be reminded to verify the address information on file with SCO through their Personnel Office and to complete an "Employee Action Request" (EAR) Form (STD. ) if the address is not correct. The TPA (recordkeeper) is sent updated address information by SCO twice monthly on the st and the th. Depending on when the EAR is processed the recordkeeper will update its address files accordingly. Employees should be reminded to verify the address information on file with SCO through their Personnel Office and to complete an "Employee Action Request" (EAR) Form (STD. ) if the address is not correct. The TPA (recordkeeper) is sent updated address information by SCO twice monthly on the st and the th. Depending on when the EAR is processed the recordkeeper will update its address files accordingly.
Extension of Benefits for / Months into the Next Plan Year
If the participants' rembursement account is active on December , the IRS rules on deferred compensation allows payment for medical and dependent care expenses incurred up to two and one-half months after the end of the plan year. In other words, employees may use money deducted during one plan year to pay for medical and dependent care expenses incurred up to March th of the following year. Employees still have until June th of the following year to claim expenses incurred up to March th and any unused amount at that time will be forfeited pursuant to IRS Rules.
Claims will be paid in the order in which they are received. If the employee has an account balance in their prior plan year's account, and a claim is received with a date of service during the grace period, the expense will automatically be paid from their prior plan year's account. If a claim is received at a later date, with a date of service in the prior plan year, and all the funds have been paid from their prior plan year account, the claim will not be paid.
For this reason, it is important that the employee file claims in the order that their expenses are incurred. This will help to assure that they maximize the use of their account for both plan years.
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