Benefits
News
Flexible
Spending Accounts - Exciting News!
By Kim Kelleher
Open enrollment for the Flexible Spending Accounts occurs during
the month of November 2005 for the calendar year January 1, 2006,
through December 31, 2006. This year we have two exciting new changes
to offer Flexible Spending Account participants.
The College now offers a MasterCard Debit Card called the “mySOURCE
card.” Employees can access their flexible spending accounts
using the new mySOURCE MasterCard Debit Card instead of submitting
receipts for reimbursement of qualified expenses to our plan administrator,
American Benefits. The debit card may be used to pay for qualified
medical or dependent care expenses at the point of service, thereby
eliminating the need to submit claim forms. Enrollment forms are
available in the Human Resources Department.
On May 18, 2005, the IRS issued a notice which allows the deadline
for incurring Flexible Spending Account claims to be extended for
up to 2 ½ months after the end of the plan year. Mount Holyoke
College is extending this enhancement to Flexible Spending Account
participants. This means that any eligible expenses incurred during
this 2½ month grace period following the ending of the calendar
year, December 31, 2005, can be reimbursed from any unused amounts
remaining from the end of
the
Plan Year.
This
change
will
take effect for participants enrolled in the current plan year
2005 and thereafter. Participants enrolled for 2005 may continue
to use any funds left over from 2005 up to but no later than March
15, 2006. You may continue to submit claims until April 15, 2006.
*Reminders*: Certain over-the-counter medicines and drugs can
now be reimbursed through your Health Flexible Spending Account.
The College offers weekly reimbursements for all claims.
For more information on the Flexible Spending Accounts, please
visit our website at www.mtholyoke.edu/offices/hr/benefits or you
may request a copy of the Flexible Spending Account Booklet from
the Human Resources Department at x2503.
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