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Who Should Consider Self-Funding?

Companies that…

  • Are financially sound
  • Believe they are healthier than average company
  • Know of no critical or serious ongoing health conditions
  • Get trend increases despite good health history

What is a Letter of Medical Necessity?

A Letter of Medical Necessity is a letter written by your doctor, verifying that the treatment, supplies or medication you are buying with your Healthcare FSA is for a diagnosis, treatment, or prevention of a disease. This letter is required by the IRS for certain eligible expenses. Review the list of eligible expenses to see if you need a Letter of Medical Necessity for a particular type of expense.

What expenses are eligible for reimbursement under a Flexible Spending Account?

You can use an FSA plan to pay for eligible health plan co-pays, deductibles, co-insurance, eyeglasses, dental care, and certain medical supplies, as outlined in your plan document. For additional information see IRS Publication 502.

You can also shop a full list of FSA-eligible items in our FSA Store.

How is a Flexible Spending Account funded?

Your annual election will be divided by the number of pay periods in your plan year. This amount will be deducted from your paycheck before taxes are assessed.

Why should I participate in an Flexible Spending Account?

Contributions to the FSA are deducted from your paycheck on a pre-tax basis, reducing your taxable income. You can increase your spendable income by an average of 30% of your annual contribution with the tax savings.

What is a Health Flexible Spending Account?

healthcare flexible spending account (FSA)  is an employer-sponsored benefit that allows you to set aside pre-tax dollars into an account to be used for eligible medical, dental and vision expenses for you, your spouse, and your eligible dependents.

Can a family member or friend call and ask questions for me?

BMA follows and adheres to HIPAA regulations and we will not be able to talk to anyone regarding your account unless they are an adult on the account or we receive written permission from you that we are allowed to release information to that named person.

How long can I stay on COBRA?

COBRA requires that continuation coverage extend from the date of the qualifying event for a limited period of 18 or 36 months. The length of time depends on the type of qualifying event that gave rise to the COBRA rights. A plan, however, may provide longer periods of coverage beyond the maximum period required by law.

What are Qualifying Events?

A Qualifying Event (QE) is generally when a triggering event causes a loss of health plan coverage. There are 7 triggering events: (1) Termination of a covered employee’s employment (other than for gross misconduct); (2) a reduction of a covered employee’s hours of employment; (3) a death of a covered employee; (4) a divorce or legal separation from the covered employee; (5) ceasing to be a dependent child under the terms of the plan; (6) the covered employee’s becoming entitled to Medicare. The qualifying event must cause the QB to lose coverage.

How do I get on COBRA?

COBRA has basic requirements to be eligible. An eligible qualified beneficiary (QB) is one who loses group health plan coverage due to a qualifying event. The QB may elect to continue group health plan coverage for a limited time on a self pay basis.