CARE HR Communication Connection

Dear Colleagues,

The deadline to claim any reimbursements for 2010 Flexible Spending Account (Health and Dependent Care) is fast approaching.  If you have FSA claims for service/expenses incurred from January 1, 2010 through December 31, 2010, please submit these claims to Benefits Express no later than March 31, 2011 for reimbursement. Funds not claimed by March 31, 2011 will be forfeited*. Also, any payments that are unclaimed for 180 days or more after the check was issued will be forfeited (for example un-cashed benefit checks).

To submit a claim

Log onto: www.myfsaexpress.com or call Benefits Express at 1.877.837.5017 for information on your FSA balances or to submit a claim.  Claim forms and process are also available on the CARE USA portal.

*Forfeitures

Due to the tax advantages of the Flex Spending Account, the Internal Revenue Service (IRS) has strict guidelines for its use. One of these guidelines is commonly known as the "use it or lose it" rule. Put simply, if you contribute pre-tax dollars into your Health Care FSA or Dependent Care FSA and then do not have enough eligible expenses during the Plan Year to equal the amount you contributed, you will lose the balance remaining in your account when the Plan Year ends. That is why it is important to plan carefully before deciding how much to contribute. With careful planning, you can minimize the risk of losing any of your contributions. According to the IRS, after all submitted reimbursement claims have been processed, any funds remaining must be returned to the employer.