December 2008 -- Happy Holidays From Crosby Benefit Systems
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Crosby Launches Online Claims Submission System
MyCrosbyBenefits.com Now Offers Ability to Submit Claims Online
For the convenience of our reimbursement account participants, a new feature called Online Claims was added to MyCrosbyBenefits.com. Online Claims gives participants the option to enter expense information and upload receipts, reducing the use of paper and speeding up the processing time for reimbursements. For those that prefer the "old way," the traditional methods of faxing or mailing receipts are still available.
On December 1st, before rolling out Online Claims en masse, Crosby purposefully performed a "soft launch" to identify any user issues. So far, we’re excited to report that the results have been excellent. Hundreds of participants have used our Online Claims Submission System without issue. We're excited to officially launch this useful self-service to all of our reimbursement account holders. By mid-January, all participants will be informed, via the MyCrosbyBenefits.com notification system, about how they can take advantage of this new feature.
MyCrosbyBenefits.com is Crosby’s participant website where reimbursement account holders can review account balances, download claim forms and make changes to their online account settings.
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IIAS Transition Delayed Six Months
IRS Extends IIAS Transition Requirement to July 1, 2009
As we approach January 1, 2009, the number of drug stores and pharmacies implementing Inventory Information Approval Systems continues to grow at a rapid pace. IIAS allow FSA eligible merchandise to be substantiated at the point of sale. Beginning in 2006 when the IRS released Notice 2006-69 (which was soon followed by Notice 2007-2 in early 2007), it became clear that the IRS wanted to move quickly toward reducing the need for manual substantiation of debit card transactions.
Though the IRS had originally set January 1, 2009 as the deadline for drug stores and pharmacies to implement IIAS, they issued a six month extension for this implementation last week, delaying the deadline until July 1, 2009.
We anticipate that our auto-substantiation rates will continue to rise as more and more stores add IIAS over the next several months. Some drug stores and pharmacies will implement systems ahead of the transition date and many retailers, such as CVS, Rite Aid and Walgreens, have already implemented IIAS technology. Our auto-approval rate is approximately 82% across all clients. High auto-approval rates translate into reduced paperwork and increased convenience and satisfaction for your participants.
The demand for Crosby's Flex Debit Card has never been greater! Click here for a listing of popular IIAS certified retailers.
To take advantage of the benefits that the Flex Debit Card has to offer in conjunction with your Flexible Spending Accounts, please contact Darla Rosenfeld via email or by calling 800-462-2235 x168. |
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Falling Gas Prices = Lower Mileage Rate
IRS Reduces FSA Mileage Reimbursement Rate for 2009
After a bump in automobile-mileage deduction rates for the second half of 2008, the IRS said it will lower the FSA mileage reimbursement rate for 2009 to coincide with falling gasoline prices. Last week, it was announced that the new 2009 rate will be $0.24 per mile (the old rate was $0.27). This change will be effective for travel on or after January 1, 2009. |
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The Crosby Connection Newsletter is intended for Crosby Client Contacts. © 2009 Crosby Benefit Systems
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Dec. 25-26: Crosby's offices will be closed for the Christmas holiday.
Jan. 1: Crosby's offices will be closed for New Years.
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... A commuter program can make your company money?
- Quick Implementation
- Easy-To-Use
- All Major Metro Areas Covered
- Single System
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... 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.
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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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