Flexible Spending Accounts
Full-time faculty members and staff who are eligible for the Emerson College group health and dental plans are also eligible to establish IRS Section 125 Flexible Reimbursement Accounts. This benefit allows employees the opportunity to set aside a specific dollar amount each calendar year on a pre-tax basis to pay for expenses not covered by the College’s group benefit plans.
Eligible employees can set aside up to $3,000 per calendar year (minimum of $120/year) in a Medical Reimbursement Account to cover eligible out-of-pocket medical and dental expenses for themselves and their dependents and/or up to $5,000 per year in a Dependent Care Reimbursement Account to pay for eligible dependent care expenses.
These reimbursement accounts provide tax savings, but it is important that you estimate your annual election amount carefully since IRS regulations stipulate that these are “use it or lose it” accounts.
To be reimbursable, you must incur eligible expenses in Dependent Care accounts between January 1 and December 31 each year and eligible expenses in Medical Reimbursement accounts between January 1 and March 15 of the following year (2 ½ month grace period). You forfeit any funds not incurred within these timeframes. The College cannot refund or carry forward any unspent funds.
Participants in the Medical Reimbursement Accounts will have the option of paying for many of their out-of-pocket expenses (doctor visits, prescription co-pays, mail order prescriptions, eyeglasses, etc) at the point of sale by using their Flex Debit Card, powered by MBI. If you have questions about the debit card or you lose your card, call 1.800.462.2235. To check the balance on the card go to www.mycrosbybenefits.com.
Some expenses may require substantiation so it is important that participants continue to save all receipts. Paper claims may also be filed for reimbursement of eligible expenses.All 2009 Medical Reimbursement Account participants will receive a flex debit card mailed to their home address. To request additional cards for family members call 1.800.462.2235.
Participants in the Dependent Care Reimbursement Accounts must file claims for reimbursement. There is no debit card option.
If an employee terminates his/her employment with the College, only services rendered prior to the employees last day may be eligible for reimbursement. Any unused money will be forfeited.
The College contracts with Crosby Benefit Systems to assist with administration and payment of claims.
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