BIG NEWS!! Use It or Lose it is Partially Gone!The IRS today released new guidance modifying the longstanding "use it or lose it" rule for Health FSAs. The new rule allows taxpayers to carryover up to $500 of their unspent FSA funds to the following plan year.
This announcement comes at an important time of the year, as you can now encourage all employees during your open enrollment meetings to elect a Health FSA of at least $500 without worry of losing it.
Please read the IRS guideline to understand the entire ruling by clicking here.
"myBCI" MOBILE APP for IPHONE and Android Coming Soon!!!!!
Access to your benefit details, claims and reimbursements has never been easier! Save time and maximize your FSA, HSA, HRA and COBRA benefits using the myBCI mobile app. The app will allow you to view all your enrolled benefits as well as the details, claims and reimbursements associated with those benefits. All users will be able to view the following:
FSA details, claims and reimbursements
HSA details, claims and reimbursements
HRA details, claims and reimbursements
Parking and Transit details, claims and reimbursements
COBRA, Direct Bill and Retiree details
Card activity with ability to block a card
View and manage your personal information
View and manage your notification subscriptions
The SnapClaim feature will allow you to file claims directly from your mobile device with photos of your receipts. No more faxing or fumbling with receipts!
Benefits of using the app:
Easy – The app uses standard mobile functionality designed with you in mind.
Access – 24/7 access to your benefit information
Secure – No personal information is stored on your mobile device