Making the Most of Your Flexible Spending Accounts
Flexible spending accounts help you to save money on your eligible health care and dependent care expenses. That's because the money you contribute to these funds is deducted from your pay before taxes. And, when you file a claim for reimbursement, the money repaid to you is also not taxable.
Alcoa offers employees the opportunity to participate in two flexible spending accounts:
Important: Changes to Claims Process
Due to new federal regulations, these changes have been made to the claims submission process for the Health Care Fund and Dependent Care Fund:
- Handwritten or verbal information from employees or covered dependents cannot be accepted to verify a claim.
- A statement of medical necessity from your health care provider will be required for items that serve more than one purpose, such as vitamins, herbal remedies, nutritional supplements, and massage therapy.
- Canceled checks or online bank statements won’t be accepted as proof of a claim. You will need to submit an itemized bill that includes the date of service, recipient, description of service, provider, and amount paid.
- Dependent care claims will be reimbursed through the date the claim is being processed, even if an itemized bill for the entire month is submitted. For the claim to be approved in full, all service dates must have been completed already. For example, if you submit a dependent care claim on April 15 for dates of service ranging from April 1 through April 30, and the documentation includes the actual dates of service and the dollar amount for each day, only the daily charges through April 15 will be processed.
If you have a question about how these changes may affect you, call 1-888-ALCOA123 (1-888-252-6212).
|
 |
Tips on Using Your Spending Account™ Card
|
