BNY Mellon Benefits Guide
How FSAs Work
1. You decide how much to contribute to each account annually, based on the eligible out-of-pocket expenses you anticipate during the upcoming calendar year. Remember, most over-the-counter drugs are not eligible for reimbursement. The contribution amount you choose must be in dollars and cents, and the number of cents must be an even number.
2. Contributions are deducted from your pay before federal, Social Security and, in most cases, state taxes are calculated. (If you live in New Jersey or Pennsylvania, contributions to the Dependent Care FSA are not exempt from state taxes.)
3. You may use your FSA to reimburse yourself for qualified medical expenses and eligible dependent care expenses, using tax-free dollars. Except for the $500 Health Care FSA carryover from your 2019 health care FSA for use in the 2020 plan year, claims against your 2019 FSAs must be submitted by the reimbursement deadline of June 30, 2020.
Please note: If you have a Health Care FSA, you may use your FSA debit card to pay for qualified medical expenses if you do not have a Health Savings Account. If you do have a Health Savings Account, you can pay expenses out-of-pocket and submit online claims with appropriate documentation for reimbursement after the deductible is met.
Please note: If you have a Health Care FSA, you may use your FSA debit card to pay for qualified medical expenses if you do not have a Health Savings Account. If you do have a Health Savings Account, you can pay expenses out-of-pocket and submit online claims with appropriate documentation for reimbursement after the deductible is met.
4. Go to MyBenefit Solutions (via MyReward or at mybenefits.bnymellon.com) to complete FSA reimbursement requests.
5. If you leave BNY Mellon or transition to a non-benefits-eligible position, you may file a claim for expenses incurred through the last day of the month in which your coverage ends subject to any COBRA rights that may apply.
Debit Card Convenience with Health Care FSA
If you do not have a Health Savings Account, but elect to contribute to a Health Care FSA, you will receive a debit card to pay for qualified medical expenses at the point of purchase. Your debit card saves you the inconvenience of paying out-of-pocket for an expense, then filing for reimbursement. Your annual contribution is available to you as of your plan effective date, so you can begin using your card starting on that date. Here's how it works:
1. You will receive a cardholder package in the mail after you enroll; the package will contain your FSA debit card and instructions for activating this card for use. Additional cards may be ordered online. Access Your Spending Account on the MyBenefit Solutions site (via MyReward or at mybenefits.bnymellon.com).
2. Use the card to make qualified purchases at pharmacies, grocery stores and discount stores. Note: The IRS only allows FSA debit card purchases at stores that comply with an Inventory Information Approval System (IIAS). To find a list of compliant stores in your area, go to www.sigis.com and click Resources, then SIGIS Merchant List. If you attempt to make a qualified purchase from a non-compliant store, your debit card may be rejected. However, you may still complete the purchase with out-of-pocket funds and submit a claim for reimbursement.
3. Most eligible transactions will be approved automatically by the FSA vendor. In some cases, however, you may receive a letter or email requesting documentation to support certain expenses.
4. Keep your receipts, because even if a transaction is automatically approved at the point of purchase, you may still be required to provide documentation. If you receive a request for additional documentation and do not respond within 30 days, your card will be suspended until you supply the requested information or submit another claim to cover that expense.
5. Keep your debit card, as it is intended to be used for up to three years. If you use your entire balance early in the year, do not throw your card(s) away. The card will be re-activated each year you participate in the Health Care FSA. If you lose your card, please call Alight immediately to report your missing card and order a new one. You will be responsible for any charges until you report the card as lost or stolen. Fraudulent charges are handled per Visa's standard "fraud/dispute" process. Contact the phone number on the back of your debit card, or alternatively, 1-800-947-4748, option 2, to report a missing card or fraudulent card activity.
6. If you have a Limited Purpose FSA, you will not be able to use your Health Care FSA debit card and must seek reimbursement for any eligible expenses through MyBenefit Solutions.
For more information, access Your Spending Account (YSA) on the MyBenefit Solutions site (via MyReward, or at mybenefits.bnymellon.com).
Paying Online
You can pay many of your qualified health care expenses and eligible dependent care expenses directly from your applicable FSA with no need to complete paper forms*. It's quick, easy, secure and available online 24/7.
To pay a provider:
- Log in to your applicable FSA account at MyBenefit Solutions (via MyReward, or at mybenefits.bnymellon.com).
- Hover over the Health Care or Dependent Care tab.
- Select "Submit Health Care" or "Submit Dependent Care Claim." Then under "Enter Expenses" > Reimbursement Method, choose "Pay My Provider" and follow the instructions.
- If you pay for eligible recurring expenses, you even have the option to set up automatic payments.
* You must still provide documentation.
Filing a Claim
You also can file a claim online to request reimbursement for your eligible expenses:
- Go to MyBenefit Solutions (via MyReward, or at mybenefits.bnymellon.com) to log into your account, hover over the Health Care or Dependent Care tab.
- Select "Submit Health Care Claim" or "Submit Dependent Care Claim."
- Complete all the information requested on the form and submit.
- Scan receipts, Explanation of Benefits and other supporting documentation.
- Attach supporting documentation to your claim by clicking the upload button.
- To speed processing, remember to save receipts that show exactly what you paid for, the amount and date of service.
- Most claims are processed within one to two business days after they are received, and payments are sent soon thereafter.
If you prefer to submit a paper claim by fax or mail, you can go to MyBenefit Solutions (via MyReward, or at mybenefits.bnymellon.com) to download a claim form. Follow the instructions for submission, printing and then mailing or faxing that claim form along with your claim documentation.
When Your Coverage Ends
If you leave BNY Mellon or transition to a non-benefits-eligible position or otherwise stop participation in your FSA, you may file a claim for expenses incurred through the last day of the month in which your coverage ends. You may, however, be able to continue your Health Care Flexible Spending Account under COBRA.
Questions
If you have questions about either the Health Care or Dependent Care FSA, contact BNY Mellon Benefit Solutions at 1-800-947-4748, option 2, Monday through Friday, 8:30 a.m. to 8:00 p.m. Eastern Time.