Both FSAs are administered by Stanley, Hunt, DuPree & Rhine (SHDR), a subsidiary of BB&T.
During enrollment, if you choose to participate in an FSA, you will elect an amount to contribute. Consider the following:
- Forecast the amount you anticipate spending on personal health care or dependent care expenses for the coming plan year (July 1 – June 30).
- The elected amount is divided into equal increments and withheld on a pre-tax basis from each monthly or bi-weekly pay during the plan year.
- For dependent care expenses, only the amount that has been deducted year-to-date from a paycheck can be reimbursed. For health care expenses, the annual election is available after the first payroll contribution.
- Unused FSA funds that exceed $500 at the end of the plan year will be forfeited (“use-it-or-lose-it” rule).
- You may submit claims until September 30 for expenses incurred during the previous plan year.
- You must re-elect FSA each year, or it will automatically be terminated.
Please refer to the following for more details:
FSA Carry Over
- You may carry over up to $500 of unused Health Care FSA funds into the next plan year.
- The carry over is automatic.
- Unused Health Care FSA funds that exceed $500 will be forfeited at the end of the plan year.
- You are not required to re-elect the FSA in order to carry over over the $500 into the next plan year.
- If you do not re-elect FSA, the carry over amount will remain in your account until it is exhausted.
- If you re-elect FSA, the carry over amount will be exhausted first, then your annual election will be used.
Using Your Benefit Access VISA® Debit Card
As a new FSA participant, you will receive two Benefit Access VISA® debit cards, at no cost, to use for eligible health care expenses and/or eligible dependent care expenses. You will continue to use the cards in future years if you re-elect an FSA. You may request a new card by calling SHDR at 800.930.2441 (fee may be required).
You may use the cards at the point of purchase at approved merchants who can accept debit cards as payment. Documentation may be required for transactions, to validate the expense as eligible; therefore, it is important to save all receipts. A request for documentation will come in either letter or e-mail form. Recipients are required to respond within 21 days, or the debit card may be frozen. All documentation may be e-mailed to email@example.com.
Effective April 1, 2013 a new regulation goes into effect as part of the Dodd-Frank Wall-Street Reform and Consumer Protection Act that requires consumers to be provided with the ability to pay using a PIN (Personal Identification Number) at the point of sale, in addition to the current signature process. The use of a PIN is not required for using the SHDR Benefits Access Card. You can continue to use the SHDR Benefits Access Card as you always have – no change required, simply by swiping the card and providing a signature. This new regulation just requires SHDR to make the PIN option available to consumers. Read FAQ>>
If you prefer not to use the Benefit Access VISA® debit card, you may submit the FSA Reimbursement Claim Form with acceptable documentation.
Continuing Coverage: COBRA Option
Under federal COBRA law, you also have the right to pay your FSA contributions (plus 2%) on an after-tax basis after your employment ends. By doing so, you keep your access to your annual election amount for the rest of the year. This option may be particularly important if you have a high balance in your FSA account and have not yet incurred an eligible expense.