Out technology upgrade is complete! We apologize for any technical difficulties you experienced while the enhancement to our system were made. If you have questions, please call AIM at 502/426-1235. If you have submitted a claim via e-mail, feel free to call and confirm that we received it.
On October 25, 2016, the IRS released Rev. Proc 2016-55 announcing the 2017 FSA limits. The new Medical FSA limit is $2600, an increase of $50. The Dependent Care limit remains at $5000 per year. Parking and Transit Plans remain at $255 per month each.
If you have questions, please contact us here at AIM.
AIM’s Employer’s Guide to Cafeteria Plans has all the information you need.
Schedule a Benefits Administrator to attend your annual enrollment meeting! Some of your employees probably do not understand how the FSA works, especially if your company has added a Rollover or HRA to your plan. Our presentations and one on one discussions with your employees will educate them about the benefits of the FSA. We have seen participation go up as much as 25% when an Administrator attends your enrollment. Call AIM at 502-426-1235 to schedule someone to visit your meeting.
Frequently Asked Questions about the Flexible Reimbursement program
If I elect to redirect my compensation, how will this benefit me?
The biggest advantage is the tax savings. Since FLEX 125 uses pre-tax dollars for reimbursement of personal expenses, you reduce your income taxes and Social Security and Medicare taxes by reducing your taxable salary.
If I redirect part of my pay, won’t I make less money?
No. Your spendable income will increase by the amount of tax savings.
Why should I participate in the Medical Reimbursement Plan if I already have medical insurance?
The Medical Reimbursement Plan offers reimbursement of medical care expenses NOT covered by insurance: for example, eye exams, glasses, contact lenses, co-payments for office visits and prescription drugs, orthodontics and dental visits, and most other medical expense not covered by your major medical.
Will I be better off participating in Daycare Reimbursement instead of claiming it on my income tax?
It depends on your situation. Consult your tax advisor to help you determine the best option for you.
Is there a cap on the amount of money I can direct to my account?
Yes. The limit you can defer for the Medical Reimbursement Plan is set by your employer. The maximum for the Daycare Reimbursement Plan is $5,000.
Can I change or revoke my elections during the plan year?
In general – no. However, there are exceptions for a change in family status. This includes marriage, divorce, death of a spouse or child, birth or adoption of a child, and termination of a spouse’s employment.
What happens if I terminate my employment or I become ineligible to participate in FLEX 125 for any other reason?
You may terminate the compensation reduction agreement. If so, you should contact the HR Representative to determine how long you have in which to file claims. Expenses must have been incurred while you were still employed. Coverage may continue through COBRA, if you elect.
What if I don’t use all the money I redirect?
You should conservatively estimate your allowable expenses for the calendar year so you can avoid having unused benefits at the end of the year. However, check with your employer to see what options they have selected for your company’s plan.
Are there any other negatives that I should know about?
Yes. You are not paying Social Security tax on that portion of your income that has been redirected, so your Social Security benefits may be slightly reduced.
How do I enroll in the program?
Enrollment forms are available from your HR Representative. Fill in the information and return the form to your HR Representative for processing.
How do I get reimbursed for my medical expenses?
If your employer has elected to provide you with a benefit debit card, you will use the card at the point of sale. Occasionally, you may be asked to remit receipts to ensure valid expenses (so keep those receipts available). A claim form with receipts can always be submitted when you need reimbursement.
How do I get reimbursed for childcare or adult daycare expenses?
The claim form has a section for you to list those expenses. You should submit receipts from any type of daycare center with your claim. If you pay a baby sitter or a nanny for fees to allow you to work, please list the person’s Social Security Number on your claim form and provide a copy of your canceled check. If your Provider takes a credit card, you may use your Flex card.
Where do I get a claim form?
You can get a claim form from your HR Representative. In addition, claim forms are available online at www.aimadministrator.com/125. You may also contact your AIM Administrator at 502/426-1235 who can mail, e-mail or fax one to you. If you need to leave a message, be sure to include your name, the name of your company and your phone number in your message.
Where do I send my claim form?
Please mail your claim form and receipts to AIM, 10353 Linn Station Rd, Louisville, Kentucky 40223
Can I fax my claim form? What about email?
Yes, you may fax your claim and receipts to 502/426-6569. This number is listed at the bottom of the current claim form. You do not need to include a cover page when faxing your claims. If you are successful in faxing your claim, please do not mail the originals. If you have a scanner and email, you may send your claim and receipts to claim@aimadministrator.com.
How often will I receive a check?
Claims are processed twice a week as long as there is not a holiday. Checks are mailed on the same day your claim is processed. Checks are issued when your claim value is over $10. Please allow ample mailing time to receive your check.
I sent in a claim but did not receive a check. What can I do?
Please contact your AIM Administrator at 502/426-1235. The Administrator will check the files for a claim and let you know when your check was mailed. If enough time has passed, we may be able to stop-pay and reissue a check for you.
What if I don’t have a receipt to submit?
If you have lost or misplaced a receipt, you may submit a copy of your canceled check or an invoice showing the provider has received payment.
How do I check my account balance?
Your available balance is referenced on your check stub. In addition, if your employer is using the benefit debit card, you may log into www.wealthcareadmin.com to check your available balance. You may also call your AIM during business hours to ask for your balance.
I have other questions not addressed here.
Call the Benefits Administrators at AIM. They can be reached at 502/426-1235.
After January 1, 2011, a doctor’s prescription will be necessary in order to receive reimbursement for OTC medications. Because of these changes, it has become necessary to manually process claims for OTC medications. Participants can fill out a claim form and remit them with a copy of the receipt and doctor’s prescription to AIM.
Do you have to go to the doctor every time you need a bottle of aspirin? Not necessarily. Different doctors’ offices are handling this matter in different ways. Contact your physician’s office to see how they would like to work with you on this. Several participants have already told us that they listed all their favorite OTC medications and asked their doctor to ‘authorize their purchase’ for this year with a signature. You can include a copy of this letter with your claim.
We will post additional updates and communicate through the Human Resources office of your company if the OTC rules change. As always, if you have any questions or concerns, please contact your Benefits Administrator at 502/426-1235.
Here are the 2016 maximum contributions Plan Years that start January 1, 2016 (or after that date.) Companies still have the option of establishing a lower amount for a maximum. Your company may not have opted for all of these categories.
Medical FSA – $2550
Dependent Care – $5000
Parking – $3060
Transportation – $1560
If you have questions, please feel free to contact us here at AIM – 502/426-1235.