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Who do I call for questions about my account balances or my account? Can I E-Mail? Can I FAX?
All inquiries and questions about your accounts can be directed to our independent consultants, BSI Administrative Services (BSI ADMIN). BSI Admin can be reached by phone at (973)300-4274 (4BSI), by FAX 973-300-9329 (9FAX), or by E-mail, or by mail:
Attn: Flex Plan, 93 Spring Street, Suite 202, Newton, NJ 07860.
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How will I know how much is in any of my accounts?
If you want information on a daily basis then call BSI Administrative Services directly. When you first enroll, you will get a confirmation letter showing the proposed payroll deductions. Thereafter, you will get quarterly statements. These statements will show: balances remaining, payroll deposits, disbursements, and claims pending payment. Around March 31st, along with your quarterly statement, if you have a balance in either account, you will also get a “use it or lose it” reminder. Furthermore, you will also see memo items on your reimbursement check advising you when your Unreimbursed Healthcare is paid in full or advising you about amounts "claims pending" for the Child/Dependent Care.
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When do I receive statements of my account(s)?
You will get quarterly statements.
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What do I do if I think there is an error in my statement(s)?
Contact BSI Administrative Services if there is something wrong with your statement.
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What does it mean when I have “claims pending” for the Child/Dependent Care?
For the Child/Dependent Care reimbursements are limited to amounts credited to date from payroll deductions (i.e, you have to have the money in your account to get reimbursed). “Claims pending” indicates that you will be reimbursed in future periods as the payroll deposits are credited. BSI Administrative Services will automatically create the appropriate claim, you can simply submit your claims for the amounts you pay and not worry about figuring out how much will be paid and how much is pending.
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Can I transfer moneys between accounts?
No, you cannot move moneys between accounts.
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What is the IRS "Use it or Lose it" rule?
The IRS has ruled that if you don't use the money during the Plan Year, you must lose it -- the "use it or lose it" rule. You'll get reminders before you run out of time, but carefully plan ahead and be conservative in estimating the annual elections. This is less significant for the Child/Dependent Care since you can change your Child/Dependent Care whenever there is a change of costs or program coverage.
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What is the “Use it or Lose it” letter?
Before the end of the Plan Year, usually around March 31st, BSI Administrative Services will send out a reminder letter along with the statements to anyone who still has unclaimed balances for Unreimbursed Healthcare or Child/Dependent Care.
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What happens if I don't use all the money that I have set aside in the Flex Plan?
Any funds lost are applied against the costs of administration. Remember, this really only applies to the Unreimbursed Healthcare account, since you can change your Child/Dependent Care election when there is a change of costs or coverage (switching programs or changing hours).
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Can I carryover any unused balances?
No the annual elections and balances are only available for one Plan Year. However, you can take advantage of the "Grace period" to use services from July 1st until September 15th to claim your balances for either the current Plan Year or the Plan Year that just ended.
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What happens to my balances if I leave my job?
Before you leave, the specific options available to you will be fully explained. In general, deposits made into your accounts can continue to be claimed. Leaving will affect the number of payroll deposits not your ability to claim moneys deposited in your account.
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What is the "Grace Period"?
The IRS now allows a "Grace Period" whereby you can claim expenses with service dates up to 2 months and 15 days after the Plan Year ends. So, for services dated from July 1, 2008 through to September 15, 2008 you can claim your balances for either the old Plan Year ended June 30, 2008 or the current Plan Year ended June 30, 2009.
The "Grace Period" is different from the extra time allowed to process the paperwork which allows you until September 30th to send in the claims paperwork. (If you need more time, you must submit a written request or E-mail asking for an additional extension to submit the paperwork; however, the dates of service must be on or before September 15th.)
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Do I have extra time to complete the paperwork?
Yes, you have until September 30th to send in the claims request paperwork.
If you need more time, you must submit a written request or E-mail asking for an additional extension to submit the paperwork on or before September 30th; however, the dates of service must be on or before September 15th.
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BSI Administrative Services. All Right Reserved.
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