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FAQs Regarding FSAs
(Flexible Spending Accounts)
What if there's not enough money in my account?
In most cases, the transaction will simply be denied. You'll
have to pay for the product or service yourself and submit the
receipt, along with a claim form. You'll then be reimbursed for
any eligible expenses with whatever is left in your account.
Do I need the receipts?
Possibly - so please save all your itemized receipts! For some
expenses we may need additional information, including receipts,
to verify eligibility of the expense and comply with IRS rules.
That's why it's important to save all receipts, and fax or mail
them in promptly when requested.
If
you do not submit requested documentation we'll be forced to
declare those expenses ineligible - and you'll have to reimburse
your account. If you fail to do so you could jeopardize the
tax-exempt status of your account and lose access to the
benefits card.
What's an eligible expense?
That depends on your particular benefits plan but may include:
Medical and Dental deductibles and co-payments
Eye
Exams, contact lenses/solutions, and glasses
Prescription Drugs
Orthodontia or other Dental care
Physical Therapy and Chiropractic Care
Medical devices such as hearing aids and diabetic testing
supplies
Smoking cessation programs
Over
the Counter (OTC) Products and Much More!
What OTC Products are eligible expenses?
Over the Counter (OTC) products are generally eligible expenses
if they are for "medical care". Medical Care is defined as those
products that are used for the diagnosis, cure, treatment of a
disease, or for the purpose of affecting any structure or
function of the body. For example, band-aids are considered
eligible because they are for medical care; versus vitamins are
generally NOT eligible because they are for preventative care.
What's not eligible?
Anything that's not listed in your plan documents or item not
deemed a qualified medical expense. Please keep in mind that you
are responsible for how the funds in your account are spent.
These tax-exempt accounts are governed by the IRS and your plan
documents. If you're ever in doubt about the eligibility of a
particular product or service check your plan documents or ask
us.
What if I make a mistake?
Once in a while you may accidentally use your benefits card for
a non-eligible item, and occasionally the transaction will go
through. If it does, don't be overly concerned, but do contact
us to let us know and we'll tell you how to reimburse your
account for the ineligible item.
How do I dispute a POS Transaction?
You, the cardholder, can dispute point-of-sale (POS)
transactions made with the MBI Benefits Card by completing the "MBI
Cardholder Claim Form" and faxing it, a cover letter, and any
other required documentation to us at (757)425-8666.
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