Reimbursement Account Service
Update
Debit Card Notification
Timeline & Refund Process
Change
The popularity of Crosby’s Flex Debit Card
continues to increase. With auto-substantiation rates
averaging 85% system-wide, what's not to like?
Though auto-substantiation rates are at an
all-time high, some transactions will always require
receipts. In these situations, participants can log into
MyCrosbyBenefits.com
to view transactions that need receipts and even upload
receipts through the site. They will also be notified by
Email or USPS if receipts are needed for non
auto-approved transaction. The timing for these
notifications is:
Notification 1:
Sent 30 days after the transaction settlement
date
Notification 2: Sent
30 days after Notification 1 is
sent
Notification 3: Sent
30 days after Notification 2 is sent. If receipts are
still not received at the time that Notification 3 is
generated, the Card will be temporarily deactivated
until action is taken.
Clients now have the ability to run a report
of all participants with transactions requiring
substantiation.
Please encourage your employees
to choose Electronic (Email) communications. Also, many
of our clients promote the use of Direct Deposit.
Participants can choose either of these options by
logging into MyCrosbyBenefits.com.
By choosing these options, communication is more
efficient and the Reimbursement process is faster (and
both help the environment too).
Process Change for Debit Card
Refunds: We have
modified the process for handling Debit Card refunds for
ineligible transactions made by participants. Prior to
the change, these checks were forwarded to you, the
client. Our new process is to return these repaid
amounts as credits to your account. A summary of the new
process is as follows:
►
Participants notified that receipts are needed.
► If
no receipt is available, participant mails check to
Crosby.
► Crosby deposits check, issues credit to
employee account and issues credit to client funding
process.
► Crosby sends report to client detailing
credit activity.
Please don’t hesitate to email
Linda
Fulton, Max
Crosby or Darla
Rosenfeld with any
questions. | |
COBRA ARRA
Subsidy Not Extended
But An Extension Is Still Possible From
Congress
 Crosby has worked diligently to implement all
COBRA/ARRA related changes to ensure our clients are
compliant with the continued subsidies. The COBRA/ARRA
subsidy program has officially come to an end as of May
31, 2010. . . for now. Congress was recently unable to
come to an agreement on a $200 billion package that
would have extended unemployment benefits and other
expiring provisions, including the COBRA/ARRA subsidy
program. There is however, still hope that an extension
will be revived as a number of pending bills still exist
in Congress that could retroactively extend the subsidy
anywhere from 14 days to the end of the year.
The lack of an extension beyond May 31st
(Congress had extended the subsidies three times since
February 2009) means that individuals who are
involuntarily terminated on or after June 1, 2010 are
not eligible to receive the 65% COBRA premium subsidy,
thus they will be required to pay the full cost the
COBRA coverage if elected. Individuals currently
receiving the premium reduction (involuntarily
terminated prior to June 1, 2010) are eligible to
continue their coverage at the reduced rate up to 15
months.
We will continue to keep you apprised of any
developments related to another COBRA/ARRA extension as
they
occur.
| |
FTC "Red Flags"
Rule Postponed
Again
Enforcement Delayed Until December
2010
 The U.S. Federal
Trade Commission (FTC) has again delayed the enforcement
of its "red
flags” rule on identity theft to at least
December 31, 2010. The rule requires creditors and
financial institutions to implement a written program to
detect, prevent and mitigate identity theft in
connection with the opening of a covered account or an
existing covered account.
While Crosby Benefit Systems is not a
“financial institution” or “creditor” in the traditional
sense of the word, we may be considered by the FTC to be
a “financial institution” because we provide
participants with the ability to obtain a debit card
that can be used to access their flexible spending
account benefits.
In an effort to provide the highest level of
security for our clients and the participants covered
under such Account Based Plans, we have instituted a
program in accordance with the Rule to help detect,
prevent and mitigate identity theft in connection with
the opening of new Account Based Plans as well as the
operation of existing Account Based Plans.
To receive your copy of Crosby’s Red Flags
Program, please contact your client
consultant.
| |
The
Crosby Connection Newsletter is intended for Crosby
Client
Contacts.
© 2010 Crosby Benefit
Systems | | |
June 14: Flag
Day
June 20: Father's
Day
July 5: Crosby will be
closed for the July 4th Holiday
weekend. | |
Need a Team
Roster?
We use a client-centered team
approach to best meet your needs. For your team roster,
please email us here. | |
....We can
manage your HIRD Form
process?
Are you complying with your
30-day deadlines?
> After Open
Enrollment
> New hires who turn
down coverage
> Employees who drop
coverage
Our process
is designed to distribute, track and store Employee HIRD
Forms so that you don't have
to.
| |
...You can streamline your commuter program
and add revenue?
> Quick
Implementation
> Easy-To-Use
> All
Major Metro Areas Covered
> Fully
Automated
 | |
For more
information about any of our services, please contact
Jean Sicurella via
email or call
617-630-0496. | |
|
