Flexible Spending Accounts (Medical & Dependent Care )

• Section 125 of the IRS Code provides participants the option to shelter up to a specified amount of money each plan year to cover your out of pocket cost for medical, dental, vision and prescription expenses incurred by you and your family that are not covered by your insurance programs.
• The money sheltered is deducted from your paycheck before taxes are calculated. This means that you do not pay taxes on this money as it comes out of your check and your W2 reportable income is reduced by that amount.
• When you incur any of these cost, you may use the Debit Card issued by NBS or you may submit a personalized voucher, copies of your bills that give the date, the name of the service provider, the reason you incurred a cost (i.e. co-pay, deductible) and the amount you are responsible for paying. Normally your EOB (Explanation of Benefits) mailed to you from your medical insurance company provides all this information. Once expenses are approved you’ll be reimbursed for the submitted amount by check or automatic deposit in your checking account. Checks are cut daily;  however you can request reimbursement of your funds weekly, monthly, quarterly or annually.
• You can file claims and check the status of your accounts on-line, as well as download and print necessary forms.
• The account can be used for medical, dental and vision expenses.

 

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Benefits & Forms

Benefit Description

   

Burba Insurance Services

Toll-free: 800-894-9990
Toll-free Fax: 877-837-7171
Roswell: 575-627-6175
Ruidoso: 575-258-0062
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