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 Direct Deposit

No more running to the bank, or searching for misplaced or lost checks, direct deposit offers a quick, reliable and secure method of receiving your claim payments!

 
 

FSA Plan information:

-Announced 3/26/21, and effective from January 2020, the amounts paid for personal protective equipment are eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs).

Effective January 2020 the IRS now allows OVER-THE-COUNTER medications as an eligible FSA Expense.   Link for more details....

Effective January 2020 the IRS has increased the FSA medical maximum from $2700 to $2750. Check with your Employer to see if they have implemented or changed your specific plan.

-Effective January 2019 the IRS has increased the FSA medical maximum from $2650 to $2700. Check with your Employer to see if they have implemented or changed your specific plan.

-Effective January 2018 the IRS has increased the FSA medical maximum from $2600 to $2650. Check with your Employer to see if they have implemented or changed your specific plan.

-Effective January 2017 the IRS has increased the FSA medical maximum from $2550 to $2600. Check with your Employer to see if they have implemented or changed your specific plan.

-Effective January 2015 the IRS has increased the FSA medical maximum from $2500 to $2550. Check with your Employer to see if they have implemented or changed your specific plan.

-Many plans now offer a up to $550 roll over feature or a 75 day grace period option to the FSA plan. Check with your Employer if either option is applied to your plan.

 

 

Direct Deposit payment frequency for claim payments will occur weekly!

We are urging all participants to sign up for Direct Deposit for their Medical & Dependent Care Account  reimbursements. This process will be especially useful for Dependent Care accounts whereby there should be minimal lag time between your payment to your daycare provider and your reimbursement, as long as the payment from your employer is received.

Claims must be received in our office by 5:00pm on Monday to be included in that weeks processing.

Any account that is set up for ACH Direct deposit will have their claims paid on a weekly basis. Funds are typically in your account available by the end of the week, however the bank has three business days to post it to your account.

Download the direct deposit form now: Direct Deposit

 


 
Reimbursable Mileage Rates for Flexible Spending Plans

IRS rates for mileage reimbursement for medical related travel

17 cents per mile effective January 1, 2020

20 cents per mile effective January 1, 2019

18 cents per mile effective January 1, 2018

17 cents per mile effective January 1, 2017

19 cents per mile effective January 1, 2016

 

  Transportation Rates for Section 132 Plans

Parking - $270  per month for 2020

Transit -  *$270   per month for 2020

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Parking - $265  per month for 2019

Transit -  *$265   per month for 2019

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Parking - $260  per month for 2018

Transit -  $260   per month for 2018

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*Note: For Transit accounts, The Commonwealth of MA maximum amount for inclusion is $140 as they did not increase the amount to $270, therefore up to $140 can be set-up pre-taxed for Commonwealth of MA taxes, $270 for Federal taxes.

 

 

 

 

 

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