Using Your Health Care Benefits

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With the end of the year approaching, you might think it's time to ensure you use your health care benefits.

Make sure those health care spending accounts are used. Those deductibles are fulfilled. And, you've received every benefit out of your policy that's appropriate.

You have more time than you think to use those benefits, according to The Taben Group, which represents Concorde's health care benefits. Did you know that, if you currently participate in Flexible Spending Accounts (FSA), your deadline for filing claims for 2017 is actually March 31, 2018.

FSAs and your health care benefits

Claims must be incurred between Jan. 1 and Dec. 31, 2017, however, or your effective date for mid-year enrollment. Any available balance of $500 or less automatically rolls forward to be used in the next plan year to avoid forfeiture. This account can be used for eligible medical, prescription drug, dental or vision expenses not reimbursed by any other source, i.e. deductibles, copays, co-insurance, etc. Go to the FSA Store, at www.fsastore.com, if you have remaining funds that you don't want to lose or roll-over.

Provide required documentation to The Taben Group as soon as possible. If claims are not substantiated with qualifying documentation before the formal closing of the plan year, the employer is required to obtain repayment from the member, according to the IRS. Formal closing for the plan year is July 1, 2018. Failure to provide the requested substantiation, or repayment, by the deadline will result in claim amounts being declared as taxable income.

Dependent day care FSA and your health care benefits

Claims must be incurred between Jan. 1, 2017 (or your effective date for a mid-year enrollment) through Dec. 31, 2017, for the 2017 plan year. You have until March 31, 2018, to file claims. You cannot submit dependent health care claims through this account.

Take action now on health care benefits

Now is a good time to review your health care benefits, especially your flexible spending accounts, for remaining balances and/or claims requiring substantiation. Concorde associates can go to this link: https://thetabengroup.lh1ondemand.com/Login and click on CONSUMER Portal.

Or, contact TabenFlex Customer Service for assistance - (855) 826-8692 (7 a.m.-6 p.m. CDT Monday-Thursday; 7 a.m.-5 p.m. CDT Monday-Friday).

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