Faster FSA claims processing coming for 2012
Much quicker claims processing and convenient new technology are in store for employees who enroll in a 2012 health care or dependent care flexible spending account (FSA).
Purdue has chosen PayFlex to administer FSAs beginning in January. The company will provide these benefits in 2012:
* Claims processing within two business days.
* A mobile app that allows participants to submit claims via their smartphones, receive notifications related to their accounts and more.
* An FSA debit card with a 90 percent auto substantiation rate, which means fewer times when participants will need to send in receipts or other documentation to verify the eligibility of charges to their debit cards.
* Three ways to submit claims in addition to the mobile app: online, by fax or by mail.
* The HealthHub.com website, offering online claims submission, real-time account balances, claims history, eligible expense listings and more.
* A call center that is open 8 a.m.-8 p.m. ET Monday-Friday and 10 a.m.-3 p.m. Saturday.
PayFlex is one of the largest FSA processors in the country and has more than 24 years of experience. Cigna will continue to administer limited purpose FSAs, which are only available to those who enroll in the Choice Fund with HSA medical plan.
The FSA program lets employees use tax-free money to pay for eligible expenses. When employees choose to participate, they elect to have salary deducted from their paychecks, before it is taxed, and directed to an FSA. This untaxed money is then available to reimburse the employee for eligible health care and dependent care services provided during the calendar year.
For more information, employees can attend an information session during benefits open enrollment. A schedule of sessions will be listed in the Enrollment Reference Guide that employees will receive during the week of Oct. 24.