Reimbursement account participants will find it easier to file claims and receive payments this year.
Effective Jan. 1, SHPS, a company that specializes in processing and servicing claims, is handling claims processing for health care and dependent care reimbursement accounts, also known as flexible spending accounts.
The company has administered flexible spending account claims since 1986 with a simplified claims submission process, resulting in faster and more frequent reimbursements. The company offers online and phone access to account balances and other claims information, which is updated daily.
Claims processing through SHPS also ensures a greater degree of privacy and confidentiality for participants. Other advantages include:
The Benefits Office will continue to process claims in early 2001 for expenses attributable to 2000 accounts. Requests for reimbursement received in the Benefits Office by March 31 will be reimbursed on a pretax basis; requests for reimbursement received in the Benefits Office April 1Aug. 31 will be reimbursed on an after-tax basis.
Requests for reimbursement of expenses attributable to 2001 must be received by SHPS no later than May 31, 2002. Reimbursement will be on a pretax basis only. Funds remaining in the account(s) as of June 1, 2002, will be forfeited.
For more information about reimbursement accounts, visit the Web at www.umich.edu/~benefits/plans/reimburs/index.htm.
You may file a claim for reimbursement after you or your dependent receives the eligible services. For a health care account, you may claim up to the amount of your annual contribution. For a dependent care account, you may claim up to the amount you have already contributed to the account at the time your claim is made. Claims for expenses exceeding that amount will be reimbursed as the funds accumulate in your account.
The reimbursement process is easy. Just complete and sign a claim form provided by SHPSavailable on the Web at www.shps.net or from the Benefits Officeand include appropriate receipts, itemized bills and an explanation of benefits. Refer to the reverse side of the claim form for additional filing instructions and all other information regarding the required supporting documentation. You may mail or fax your claim.
Mail claims to SHPS, FSA Processing Center, P.O. Box 34700, Louisville, KY 40232-4700.
Fax claims to SHPS at (502) 261-3597. This fax number is assigned to U-M claim forms. The fax number dials into a document scanner so that the claim is in the SHPS system immediately, eliminating worries about faxed claims being neglected or getting mixed up with someone elses claim documents. Employees who fax their claims may keep the originals.
You may submit claims for 2001 anytime during 2001 and until May 31, 2002. SHPS processes claims daily to ensure prompt reimbursement. If the expenses are eligible and all necessary documentation has been provided with your claim form, your claim should be paid within five business days from the date it is received by SHPS.
SHPS offers a wide variety of information at www.shps.net that enables you to easily:
You also may call the SHPS AccountLINK phone system, (800) 678-6684, to check your account balance and determine when your last claim was paid.