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Health Savings Account and Spending Accounts

Important Information About Health Care and Dependent (Child) Care Spending Accounts

There are some important things to keep in mind when deciding how much money to put into your spending accounts.

For Plan Year 2008, Spending Account reductions from your paycheck begin December 15 for coverage effective January 1.
If you are hired mid-year or have a qualified change of status during the year (see
Terms & Conditions), you may not contribute the maximum allowed under each account for the remainder of the plan year. You may only contribute the maximum per month allowed to each account.
Reductions for spending accounts are made every pay period. But remember to enter the monthly amount you want to contribute on your web Option Statement.
Your spending account enrollment is binding for the plan year. You may be able to make limited changes if you have a qualified status change.
You cannot carry over expenses that you have incurred in one plan year into the next plan year for reimbursement.
Claims should only be submitted after medical services or dependent care services have been provided.
You may submit claims at any time for any amount, but payment will not be made until your claims total $25 or more. Reimbursement may be by check or by direct deposit to your bank account.
You receive abi-monthly statement showing how much money you have in each account.
You cannot transfer money from one account to another.
Reimbursements assistance on a daily basis.
Spending account claims for the 2007 Plan Year (January 1 - December 31, 2007) must be faxed or mailed with correct documentation and postmarked on or before May 31, 2008. Claims postmarked after May 31st will not be paid.
Spending account claims for the 2008 Plan Year (January 1 - December 31, 2008) must be faxed or mailed with correct documentation and postmarked by May 31, 2009.
Under IRS rules, any money left in your accounts and not claimed for the previous plan year's expenses by the claim filing deadline is forfeited. It is retained by the plan and used for administrative expenses.