Flex Debit Card Soaring to New Heights
IIAS Helps Boost Auto-Substantiation Rates
The value of Crosby's Flex Debit Card has never been greater! As more and more merchants implement Inventory Information Approval Systems (IIAS), auto-substantiation rates have been soaring. IIAS allow FSA eligible merchandise to be substantiated at the point of sale. As of January 1, 2008, mixed-use stores, such as supermarkets, wholesale clubs, mail order and web-based merchants were required by the IRS to have IIAS integrated with their point-of-sale systems. As of January 1, 2009, most pharmacies will also be required to have IIAS in place in order to continue accepting Flex Debit Cards.
Through September, Crosby has seen a 20% increase in auto-substantiation rates compared with the same period last year. We expect these rates to climb even higher as pharmacies like Rite-Aid implement IIAS and add to the number of existing merchants already utilizing this technology, such as Walgreens and CVS. Increased auto-approval rates translate into reduced paperwork and increased convenience and satisfaction for your participants.
 Take advantage of the many benefits that the Flex Debit Card has to offer in conjunction with your Flexible Spending Accounts. You may visit CrosbyBenefits.com for a complete listing of IIAS certified retailers. |
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Don't Struggle With Your COBRA Requirements
Crosby Eases the Complexities
Crosby offers a "turnkey" approach to the always complex legislative and administrative burdens of COBRA. Crosby can perform all of the design, implementation and ongoing administration associated with COBRA. We manage the communication loop between the employer, the carriers (optional) and the qualified beneficiaries, while ensuring compliance with current regulations.
COBRA Tip: Upon termination of employment, COBRA requires employers to offer Medical FSA participants with a positive contribution balance the option to continue their Medical FSA plan participation for the remainder of the plan year. If the participant elects to continue their Medical FSA under COBRA, they will be required to make Medical FSA contributions with post tax dollars.
Crosby's COBRA Notification packet includes information to satisfy this requirement. If Crosby is not your COBRA administrator and you offer an FSA, you are encouraged to review your process to ensure this requirement is fulfilled.
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If you have any questions, or to learn more, about any of our services, please email Darla Rosenfeld or call 800-462-2235 x168.
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News Flash!
Flex Debit Card Denials at CVS - Problem Solved!
On Friday September 5th, our Participant Service Group was alerted to a Flex Debit Card issue occurring at CVS locations throughout New England. A small number of participants reported that their Flex Debit Cards were being denied at the point-of-sale when they were attempting to purchase FSA eligible merchandise. Upon receiving calls from our participants, we promptly reported this problem to our Flex Debit Card provider who in turn contacted CVS.
Generally, when transaction denials occur, the transactional data is transmitted to our system. However, in all of these reported cases, this data was not sent.
On Tuesday September 9th, CVS notified our card provider and assured them that the issue had been resolved. CVS indicated that the problem was linked to a system-wide upgrade of their point-of-sale software, causing inadvertent denials of certain FSA eligible items.
We are happy to report the issue has been resolved and that you do not need to take any action. If you have any questions, please email us here. |
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Don't Miss the Bus (or Train)! Crosby is offering two Commuter webinars during October:
- Tuesday, 10/21, 2pm
- Thursday, 10/30, 11am
Click here to register or learn more about these upcoming presentations.
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To request Crosby's participation in your Benefit Fair, please email Tina Crosby with the following:
- Date of Fair
- Time of Fair
- Estimated Attendance
- Location
- Parking Arrangements
- Raffle Information
Please Note: The round trip mileage expense of $0.58/mile will passed on to clients.
To learn more about preparing for your renewal season, please contact your Crosby consultant.
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... Transit ridership is up nationwide? We offer a streamlined, easy-to-use web-based platform for the ordering and management of transit and parking orders. Serving all major metropolitan areas, this cost-effective benefit is designed to help employers run their commuter programs efficiently.
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... We can manage your HIRD Form process? Our process is designed to distribute, track and store Employee HIRD Forms so that you don't have to.
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Looking for a Team Roster?
Our organizational design utilizes a client-centered team approach to best meet your needs. If you're interested in receiving a team roster, please email us here to request a complete roster with contact information.
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