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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 for the Flex Plan (Unreimbursed Healthcare and Child/Dependent Care) as well as a “use it or lose it” reminder along with the statements for the 3rd quarter. For the TFA Plan (Mass Transit and Parking Expenses), you will only get an annual statement if you have a balance remaining. These statements will show: balances remaining, payroll deposits, disbursements, and claims pending payment. When your Unreimbursed Healthcare account is paid in full, then you will see a memo item on your reimbursement check.
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When do I receive statements of my account(s)?
You will get quarterly statements for the Flex Plan (Unreimbursed Healthcare and Child/Dependent Care). For the TFA Plan (Mass Transit and Parking Expenses), you will only get an annual statement if you have a balance remaining.
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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, Mass Transit, and Parking Expenses accounts, 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?
For the Unreimbursed Healthcare and Child/Dependent Care, the IRS has ruled that if you don't use the money during the Plan Year or the Grace Period (2 months and 15 days after the plan year ends), 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 after 9 months, 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?
For the Flex Plan (Unreimbursed Healthcare and Child/Dependent Care accounts), any funds lost are applied against the costs of administration.
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What happens if I don't use all the money that I have set aside in the TFA Plan?
For the TFA Plan (Mass Transit and Parking Expenses accounts), the “use it or lose it” rule does not apply; balances are carried over from period to period and year to year.
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What happens to the money forfeited at the end of the year?
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?
Yes for the TFA Plan (Mass Transit and Parking Expenses). No for the Flex Plan (Unreimbursed Healthcare and Child/Dependent Care) although you may be allowed to take advantage of a "grace period" to use services up to 2 months and 15 days afer the plan year ends to claim your balances.
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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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Who do I call for questions about my account balances? If I have questions ab out my account, who can help me? 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 FAXing to 973-300-9329 (9FAX), or by E-mail, or by mail at:
Attn: Flex Plan, 93 Spring Street, Suite 202, Newton, NJ 07860.
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