If your Flexible Spending Account (FSA) plan is on a calendar plan year (January 1 – December 31) and your plan offers the grace period, you have until March 15, 2018 to spend any unused money currently available in your 2017 Health FSA. After March 15, unused money will be forfeited under IRS rules. (Note: your plan also has a run-out period, which is when you can submit claims for expenses incurred during the plan year and grace period.)
Don’t panic – whether you have a significant balance remaining or just a few dollars, here are some helpful ideas to exhaust your account quickly!
- Stock up on eligible healthcare items.
P&A Group’s vendor partner, FSA Store, offers thousands of pre-approved discounted FSA eligible items that are ready for purchase online. Earn points on items you purchase and get free shipping on orders $50+. Sample items: blood pressure monitors, pain relievers and travel essentials. Visit here to browse eligible expenses.
- Dental and vision expenses. Did you know that your Health FSA also covers dental and vision costs? Use your FSA to purchase eligible items like glasses and contact lens solutions. If you’re able to squeeze in an appointment to see your dentist or optician, use your FSA to pay for the cost of the visit.
- Over-the-counter prescription medications. OTC medications, like Tylenol and Benadryl, require a doctor’s prescription in order to be reimbursed from your FSA. FSA Store has a built-in prescription process in place to make the process easier. Simply provide your physician’s info and FSA Store handles the rest. Learn more here.
To help you determine the right amount to contribute to your FSA annually, check out P&A Group’s interactive calculator.
Please join us on March 22 for this FREE webinar!
Plan Refresh: The Impacts of Re-enrollment on Plan Fiduciaries & Participants
This webinar will cover the following:
- The challenge that plan sponsors and participants face when it comes to contributing to a plan
- What is a plan refresh?
- Mapping versus defaulting methodologies
- Key considerations
- Common misperceptions
- Communicating with participants
Presented by Michael Viljak, Senior Plan Advisor and Jonathan Coombs, Investment Analyst
Date: March 22, 2018
Time: 1:00 pm – 2:00 pm ET
Register below, or contact Richard Swanson, Regional Director of P&A Group Retirement Plan Services, to register @ firstname.lastname@example.org.
Earn SHRM and HRCI CE credits. This session is pre-approved!
The IRS announced new inflation-adjusted amounts under the Tax Cuts and Job Act of 2017, which modified the contribution amounts to the below plans. These changes are retroactive to January 1, 2018.
Adoption Assistance Flexible Spending Account
The maximum amount that may be excluded from an employee’s gross income under an employer-provided adoption assistance program for the adoption of a child is now $13,810. This is a $30 decrease from the previous amount.
Health Savings Account
The annual contribution amount for family coverage has been lowered to $6,850. Previously, it was $6,900.
For any questions, please contact your P&A Group account representative.
Below is your how to guide to successfully submitting a Dependent Day Care FSA claim for approval.
The following items must be provided with your claim submission:
- Completed claim form with employee signature
- Invoice/receipt from service provider* (see below)
- If an invoice/receipt from your provider is unavailable or does not include all the information below, ask your provider to sign your claim form in the provider signature box. The provider-signed claim form will be accepted in lieu of an invoice/receipt. To access your claim form, log into your P&A Group My Benefits account here and select Claim Form under Quick Links.
*Itemized invoice/receipt from your service provider must include:
- Service start/end dates
- Provider name
- Service description
Choose from one of three ways to submit a claim to P&A Group.
How to Submit a Claim
Option 1: Upload a claim and receipt by logging into your account at www.padmin.com. Select Upload Claim/Documentation under Member Tools and follow the prompts on your screen.
Option 2: Use P&A Group’s mobile site to upload a claim and receipt through QuikClaim. Go to www.padmin.com on your mobile device.
Option 3: Log into your account at www.padmin.com and complete a claim form (located under Forms). Once completed, fax or mail it to P&A Group, along with a copy of your invoice/receipt.
Important Reminder: your receipt MUST include the service provider start and end dates.
Sample Eligible Expenses
- Nursery schools, day care centers
- Summer day camps
- Before and after school care
- Day care centers
- Senior day care
Sample Ineligible Expenses
- Overnight camps
- Nursing homes
- Late payment fees
- Expenses incurred for purpose other than allowing you (or your spouse) to work.
How to Get Reimbursed
The fastest and easiest way to receive your money is by signing up for direct deposit! When you enroll in direct deposit, your funds are automatically deposited into your checking or savings account. Sign up for direct deposit right online by logging into your P&A Group Account. Select Direct Deposit under Quick Links.
If you don’t sign up for direct deposit, you will receive a reimbursement check at your home mailing address.
With the first month of the new year almost behind us, how are you doing? Have you stayed on track with your 2018 goals and promises to yourself, or have you veered off path, maybe even refrained altogether from making any #goals?
Whether you’re on the “new year, new you” bandwagon or not, FSA Store offers thousands of discounted products that can help you stay on track for a healthy 2018 – and get the most out of your Health FSA.
Here are five cool FSA eligible gadgets and products.
- Qardio Arm wireless blood pressure monitor
- acuPressure foot mat
- Quell sports electrodes
- KT tape recovery and patch
- Nice stretch total solution plantar fasciitis relief kit
To browse more items at FSA Store, click here.
“Always bear in mind that your own resolution to succeed is more important than any other.” – Abraham Lincoln
If your Flexible Spending Account (FSA) plan year ends December 31, or if you’re just looking for some ways to use your account, here are some ideas.
- Squeeze in any medical or dental appointments, if you can. Have you been putting off a physical? Is your child(ren) or spouse overdue for a checkup? Schedule those annual exams and use your Health FSA to offset any out-of-pocket expenses you may incur. December is a super busy month for many people and while you may not have enough time by year end to get an appointment, call your provider and see if there is any availability.
- Ring in the New Year with a new pair of prescription shades. Do you need new glasses or prescription sunglasses? Treat yourself to a new pair, and use your FSA too. Other vision expenses, like exams, contact lens solution and more are also eligible for reimbursement under the FSA plan.
- Shop online at FSA Store. Browse thousands of pre-approved discounted eligible expenses. Get $10 off your first order, and experience other great savings too! https://www.padmin.com/fsaextras/
- Check to see if your employer offers the grace period or Health FSA rollover. Some employers adopt these provisions, which gives participants more time to exhaust their FSA balance. A grace period is an extension of the 12 month plan year during which you can continue to use your prior year’s FSA. The rollover feature, on the other hand, allows a dollar amount up to $500 of unused funds to roll over into the next plan year. An employer can add the grace period for the Health FSA, or offer the Health FSA rollover, but not both. Check with your HR Department or Summary Plan Description (SPD) to see if your plan allows for either of these provisions.
Maybe you need to submit a claim or you received a request to submit additional documentation for an existing claim. Or, perhaps you only submit claims a few times a year and you’re overdue for a refresher on how it works. Below are some helpful guidelines to submit a claim accurately – and, get your reimbursement even faster!
To upload a claim, log into your P&A account from your computer or tablet. Locate the Member Tools tab at the top of the page and select Upload Claim/Documentation.
Next, select upload type: new claim, claim response or debit card documentation.
Tip: If you’re unsure what to select, hover your mouse over the option for an explanation. See screen shots below.
To Upload a New Claim
- From the drop down option, select your account.
- Select the service date range. Click continue.
- Enter the total amount requested.
- Upload any supporting documentation, i.e., receipt of your expense. Click continue.
- Review your upload summary. If there are no changes, click Submit Claim.
To Provide a Claim Response
If you previously submitted a claim and it was denied or you’ve received a notification from P&A asking you to provide more documentation for a non-debit card transaction, you’re in the right place.
- Choose the claim in question from the drop down menu. Tip: Only claims that require more information will show. You will also see the amount denied on the claim.
- Select the service date range.
- Enter total amount requested for reimbursement.
- Upload any supporting documentation, i.e., Explanation of Benefits (EOB) or receipt.
To Provide Debit Card Documentation
- From the drop down option, select the desired debit card transaction. Tip: Check the status column for more transaction details.
- Upload your supporting documentation, i.e., receipt of your expense.
- Click submit.
- Carefully read the authorization and click submit.
Open Enrollment can be the stuff nightmares are made of, but it doesn’t have to be. Prepare by staying up to date on your company’s benefit offerings and know the plans that are available to you as a healthcare consumer. Take advantage of P&A’s free tools and learn how Flexible Spending Accounts can complement your other benefits and save you money throughout the year.
An interactive calculator that lets you determine the estimated savings you receive when you sign up for an FSA. Click here to access the calculator or when you log into your P&A My Benefits account.
Penny Panda Videos
Penny Panda, P&A’s spokesperson for everything FSA related, offers a series of short educational videos that guide you through what you need to know about the FSA plan, how to log into your account and more. View Penny Panda on our Tools & Resource page here.
Shop online for exclusive pre-approved eligible FSA expenses through our vendor partner FSA Store, which also offers an extensive eligible expense list of products and services. Plus, you also get $10 off your first order and free shipping on orders over $50. Visit FSA Store here.
There’s an abundance of acronyms and industry specific terms when it comes to your healthcare benefits. Unsure of what a specific FSA term or definition means? View P&A’s FSA Glossary page here.
Team of Customer Service & Benefit Professionals
P&A Group’s team of benefit professionals are ready to assist you with any questions you have about your P&A plans. You can choose how you want to communicate – call us, use the live online webchat feature or send us an e-mail inquiry through Contact Us. Extended customer service hours are Monday – Friday, 8:30 am – 10:00 pm ET.
Phone: (800) 688-2611 • Website: www.padmin.com
Flexible Spending Accounts
For 2018, the dollar limitation on employee salary reduction contributions to a Health Flexible Spending Account will increase by $50 to $2,650 per plan year.
Adoption Assistance FSA
The maximum amount that may be excluded from an employee’s gross income under an employer-provided adoption assistance program for the adoption of a child will increase to $13,840 for 2018.
Qualified Small Employer Health Reimbursement Arrangement
To qualify as a qualified small employer Health Reimbursement Arrangement, the total amount of payments and reimbursements cannot exceed $5,050 for single coverage and $10,250 for family coverage.
Commuter Plan – Parking & Transit Account
The maximum monthly contribution amount for both the Parking and Transit Accounts will increase by $5 to $260 for 2018.
For 401(k), 403(b) and most 457 plans, the 2018 elective deferral limit will increase to $18,500. The catch-up contribution limit for employees ages 50 and over who participate in 401(k), 403(b), and most 457 plans will continue at $6,000.
The limitation used in the definition of highly compensated employees under Section 414(q)(1)(B) for 2018 will remain unchanged at $120,000.
For further questions please contact your P&A Group account representative at (800) 688-2611 or visit www.padmin.com.
Open Enrollment is often a hectic time for companies and their HR departments, so we’re all about making it easier in any way we can. That’s why P&A offers online enrollment – at no additional cost – for your Flexible Spending Account (FSA) renewal. This secure enrollment option is available for any size company that has more than 25 eligible participants.
What exactly does online enrollment entail? It’s easy. First, let your renewal rep know that you want to use the online enrollment platform. Next, determine the window of dates you want online enrollment to be available to your employees. Then, we’ll provide you with a file template asking for your employees’ main demographic info. All that’s required of you is to complete the eligibility file and upload it securely to P&A’s employer portal, HR Connect. P&A’s online enrollment team does the rest. Pretty easy, right?
P&A’s online enrollment solution gives your employees more freedom when it comes to enrolling in their FSA plan – they can log in at any time and change their election amount during their open enrollment window. It also gives employees the opportunity to make other changes to their accounts, like signing up for direct deposit and taking advantage of P&A’s text messaging features. With the elimination of paper forms and multiple file formats, online enrollment makes it easy for your company to renew its FSA plan.
To get setup with online enrollment this Open Enrollment, contact your P&A representative or click here to submit an inquiry.
Online Enrollment Advantages
- Provides employees an easy way to re-enroll in their FSA
- Allows employees to make their own election changes during the Open Enrollment window
- Reduces paperwork and time spent collecting enrollment forms and processing last minute changes
- P&A provides a secure, password protected file in HR Connect with your company’s online enrollment results