Get ready for tax season with these member tips and resources.
Proof of Health Insurance Coverage
If you live in Massachusetts, you will need to send a Form MA 1099-HC with your return to show that you were covered by health insurance. You can expect to receive this form from us by mail around January 31, 2012. If you don't receive it by early February, please create an account or log in to Member Central, and click Contact Us to request a new form.
Access to Claims Information
If you itemize deductions and need to review copies of your claims, create an account or log in to Member Central and go to Review My Claims. Alternatively, call Member Service at the number on the front of your ID card for help accessing claim information.
If you are considering itemizing and your health plan includes a deductible, create an account or log in to Member Central and click Review My Deductible & Co-Insurance to see how much you've spent on medical expenses in 2011.
Contact your tax advisor or read the IRS's article on medical deductions to find out what health care expenses are allowable. You might be able to deduct expenses for dental care, glasses, travel to and from treatments, prescriptions, and more.
Tips to Make the Most of Your Flexible Spending Account
A Flexible Spending Account (FSA) is a pre-tax savings account that reimburses you for qualified health care costs and dependent care expenses, such as childcare, prescriptions, deductibles, copays, and other out-of-pocket medical expenses. It's important to review your FSA spending periodically to make sure that you're using the funds as you planned, as FSA contributions are "use it or lose it." In other words, if you don't use all of your FSA funds during your plan year, you lose them.
To prevent losing your FSA funds, it's important to plan carefully so that your annual election matches your actual expenses as closely as possible. To help you with your planning, go to Member Central and click on Review My Claims. Then examine your claims to see how much you've paid toward eligible expenses including any copays, co-insurance, and deductibles. This will help you determine how much money you might have left to spend this year and to plan for next year's fund.
Another tip: Check your FSA Summary Plan Description to find out when your plan year starts and ends, and the last date you can submit expenses for that year. Most plans provide a grace period so you can submit receipts after the last day of your plan year.