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Q3 2012

Date of Publication: July 25, 2012

GIVING YOUR FSA A CHECKUP

You may be used to having a checkup with your doctor each year. You probably do a check of your overall finances, too. But do you do the same with your health flexible spending account (FSA)? If not, you risk losing money since IRS rules state that unused FSA funds are forfeited at the end of the plan year (or after the grace period, depending on your plan).

Assess Your Spending

Now is the perfect time to take a good look at how you're spending your FSA dollars. Not just to make sure you're in line with your election amount, but to make sure you elect the right amount next year. Making smart decisions with your FSA funds is all about planning.

Spend Smart This Year

You can log in to your CONEXIS account at any time to see your current balance. Once you know about available funds, decide how to use your remaining FSA dollars before the end of the plan year.

Are you aware of all the ways you can use your FSA funds? Co-pays and deductibles are eligible health FSA expenses. So are dental appointments, cleanings, and fillings. You may also want to see a chiropractor or an acupuncturist, which are eligible FSA expenses as well.

Tip: Review the FSA Expenses page on the CONEXIS website for eligible FSA expenses and match them up to what you have already spent this year out of pocket. Then, submit your itemized receipts and other supporting documentation for reimbursement, and pay yourself back out of your FSA. The easiest way to do this is online through your CONEXIS account.

Larger Eligible Health FSA Expenses

Are you planning to spend your health FSA funds on a larger eligible medical expense like LASIK or braces for your child? Now is a good time to start thinking about making an appointment. You'll want to plan in advance to make sure you have funds to cover the eligible expense. Check out our Orthodontia webpage for more information.

Plan for 2013

You can easily use the first part of this plan year as a guide to estimate your spending in the second half. Keep in mind if you've elected more than $2,500 for the 2012 plan year, you'll want to make some adjustments to next plan year's election because of the new 2013 IRS limits.

You may also want to consider making a spending plan if you have a lot of money now available in your FSA. After all, there's nothing more frustrating than having to scramble at the end of the coverage period so you don't forfeit your funds.

BENEFIT CARD CORNER

Keep up with your card activity to avoid having your benefit card deactivated. Be sure to read your card activity statements and review the summary of card activity. You'll receive this statement each month you have a new, resolved, or unresolved transaction that requires action.

The card activity statement is emailed to you, so it's important to always update your email address if it changes. The statement also includes a Return Form you can use for any unresolved transactions that require action on your part. You can also complete an online Return Form and upload supporting documentation through your online account to take care of an unresolved card transaction.

CONEXIS Quarterly Subheader

A HEALTHY, HAPPY SUMMER

Summer is here, and you're probably thinking of ways you can enjoy some fun in the sun. What you may not know is how your FSA can help. With a little planning, a bit of creativity, and some open communication with your family doctor, you can save some money.

Fun in the Sun

You're likely to come into contact with more sun now than in other seasons. You can save money and protect yourself at the same time. Sunscreen with an SPF of 15 or higher is an eligible FSA expense. If you get too much sun and need products to soothe and heal your skin, they may also be eligible with a doctor's prescription. For more information on FSA eligible items, visit the FSA Expenses page on the CONEXIS website.

Communicating with Your Doctor

When the IRS changed the rule regarding OTC medicine, many people took it to mean that OTC medicines were off limits – period. Or they just don't want to hassle with asking the doctor to write a prescription for simple OTC items like pain relievers, sinus medicine, or cough and cold medicine. The truth is, if a doctor wants you to take these medicines, he is likely to write a prescription for them, so just ask. You can then give the prescription to a pharmacist to fill and then use your health FSA dollars to cover the eligible expense.

Vacationing with Your FSA

Going on a cruise or heading out on a sailboat? Maybe you're headed into a different climate and someone in your family has a health condition that could be affected. Seasickness medicine and OTC sinus medicine are eligible health FSA expenses with a doctor's prescription.

Health care items like vitamins and herbal supplements may also be eligible expenses if used to treat a diagnosed medical condition. For one of these expenses to be eligible, you'll need to submit a Medical Determination Form completed by a doctor along with your reimbursement request prior to purchasing these items. You can find this form by logging in to your online account.

Summer Day Camp

If you have a dependent care FSA, you can use those funds to cover the cost of your kids' summer camp. Only day camp is an eligible expense, and the kids must be under 13 years old. If you are not currently saving money by making use of your dependent care FSA, submit your supporting documentation for reimbursement. The quickest and easiest way to do this is through your online account.

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