Flexible Spending Accounts

Contact Chard Snyder

3510 Irwin Simpson Rd
Mason, OH 45040
askpenny@chard-snyder.com
(800) 982-7715 Toll Free
www.chard-snyder.com

Flexible spending accounts are voluntary benefit plan arrangements that allow employees to pay for certain healthcare or dependent childcare expenses on a pretax basis. They are referred to as reimbursement accounts since they operate by reimbursing you for qualified expenses incurred during the plan year.

Benefit-eligible employees may enroll in an FSA as a new employee within 31 days of hire, or during open enrollment each October for the following calendar year. Re-enrollment is required each year that you wish to continue the plan. Miami offers two flexible spending accounts, the healthcare FSA and the dependent care FSA. A limited healthcare FSA is available for those who are also enrolled in a health savings account.

What is the Benny® Debit Card?

The Benny® Card is a debit Mastercard that you can swipe at the pharmacy or doctor's office, or write the number on a bill to pay provider. The card can be used for partial payments. It can be used only for eligible expenses at certain locations. It is a "smart card" and will not allow you to use it for non-eligible expenses. If you have both an HSA and an FSA, you will use the same card to access your funds from each account. Because the card is smart, it knows which expenses are HSA-eligible and which are FSA-eligible.

What if I lose my Benny® Debit Card?

Contact Chard Snyder at 800-982-7715 to order a replacement card.

How much can I put into my account each year?

You can elect up to the annual maximum for FSA healthcare, which is $2,600. The maximum annual dependent daycare election is $5,000.

Can I have both an FSA and an HSA?

You can have both a health savings account (HSA) and a limited healthcare flexible spending account (FSA), which would be limited to dental and vision expenses only, not medical expenses that are covered by your health insurance.

How is my FSA funded?

The healthcare FSA will be pre-funded at the beginning of the year or the first month of eligibility, and then the amount you elect is spread out over the number of times paid per calendar year. The dependent daycare FSA is not prefunded. You cannot use funds until they are deposited into your FSA from your paycheck.

Can I change the amount in my FSA during the year?

You cannot change your per-pay contribution after the initial enrollment unless you experience a qualifying event.

How do I get reimbursed from my FSA?

  1. Log into your Chard Snyder online account.
  2. Click on the FSA Forms and Applications link.
  3. Follow the instructions on how to submit your claim and print the form.

What happens to the money in my FSA when I Leave Miami?

You will be allowed to be reimbursed for expenses incurred on or before your last day of benefit-eligibility (last day of the month in which your last work day occurs). You have 90 days after termination to request reimbursement. Any funds remaining in your account that are not reimbursable on your last day of benefit-eligibility will be forfeited per the IRS.

What is the deadline for using my FSA Money?

Miami offers a grace period that ends on March 15 of the year following the plan year. Eligible expenses that you have through the end of the grace period must be submitted by March 31. Claims will be paid in the order in which approved. Unused amounts remaining in your account after the March 31 deadline will be forfeited.