Full Text
Important Information About Your PREPAID BENEFITS CARD If you’re newly enrolled in the Flexible Spending Account Program, you will automatically receive the new blue Prepaid Benefits Card. You’ll receive two cards at your home address for you and your family members to use. The Cards will arrive in a special envelope that looks like this – so please don’t throw it out! Your Prepaid Benefits Card is loaded with the value of your annual FSA\HSA election amount (less any amounts you have already spent in this plan year.) Using your Card helps you keep cash in your wallet and makes accessing your FSA funds easy. The Card can be used, instead of cash, to pay for qualified health care expenses such as: • Prescription and health plan copayments, deductibles and coinsurance • “Amount Due” on medical/dental statements • Orthodontics • Mail-order or online prescription invoices • Vision services and eyeglasses • LASIK surgery • Eligible over-the-counter (OTC) items *If applicable, eligible Commuter Transit and/or Parking expenses. The card will be loaded with funds after they are deducted from your paycheck and posted to your account You’ll simply swipe your Card each time you incur a qualified health care expense and the amount of your purchase will be deducted from your FSA– automatically. You can also fill in your Card number on bills you receive from providers to pay the amount you owe. You’ll have no claim forms to complete and you won’t have to wait to get a check in the mail. You can check balances or account details anytime – online at www.cpa125.com or via the mobile app CPA FLEX MOBILE. It’s that easy! It’s Important to Save Your Receipts! Your Prepaid Benefits Card will definitely improve your cash flow. However, be aware that the IRS requires the Card be used only for eligible expenses. Most of the time, we can verify the eligibility of the expense automatically. Yet, there are instances when you’ll receive a letter/notification asking you to furnish an itemized receipt to verify the expense. When you receive such a request, make sure you submit the receipts as soon as possible to avoid having your Card suspended until receipts have been submitted and approved. What is an itemized receipt? An itemized receipt must include: merchant or provider name, services received or item purchased, date of service, and amount of the expense. Cancelled checks, handwritten receipts, card transaction receipts or previous balance receipts cannot be used to verify an expense. Using Your Card is as Easy as 1-2-3! Look for additional information about how to use your new Prepaid Benefits Cards included with your card packet in the mail. We hope you enjoy this new exciting feature of your plan! Remember, the Card will not work at gas stations or restaurants – only at health care related providers. Save your card. Every year you re-enroll, the funds get loaded on to this card! Cafeteria Plan Advisors, Inc. 120 Longwater Dr., Suite 102, Norwell, MA 02061 [PHONE REDACTED] www.cpa125.com