Examples of Medical Care Flexible Spending Account in a sentence
Once the minimum annual Consumer Driven Health Plan (CDHP) deductible has been satisfied and the EOB(s) submitted to Key Benefit Administrators providing proof of same, the participant can request to be in a “Post- Deductible Medical Care Flexible Spending Account (FSA)”.
The Participant’s monthly account fee will be deducted from his Medical Care Flexible Spending Account balance.
Notwithstanding the preceding sentence, the maximum amount that may be credited to a Participant’s Medical Care Flexible Spending Account for a Plan Year shall be limited to the maximum amount set by the Internal Revenue Service for that Plan Year.
As of the date of any payment under this Article to or for the Participant’s benefit for Qualifying Medical Care Expenses Incurred during a Plan Year, the Participant’s Medical Care Flexible Spending Account shall be debited by the amount of the payment, subject to the annualized amount credited to the Medical Care Flexible Spending Account for the Plan Year.
Except as provided in Section 6.08, the amount credited to a Participant’s Medical Care Flexible Spending Account shall be used only to reimburse the Participant for Qualifying Medical Care Expenses Incurred during the Plan Year while a Participant, and only if the Participant applies for reimbursement by the end of the Run-Out Period.
COBRA coverage under the Medical Care Flexible Spending Account shall extend only until the end of the Plan Year in which the Qualified Beneficiary’s Qualifying Event occurs.
Notwithstanding the provisions contained in this Section, a Participant who ceases to be a Participant in the Plan pursuant to this Section may nonetheless be entitled to continue certain Qualified Benefits, as provided in the plans which govern such coverage, and may be eligible to continue participation in the Medical Care Flexible Spending Account if the Participant is eligible for continuation coverage pursuant to Article 10.
In the case of two Participants who are married to each other, each Participant may elect to have such maximum amount credited to their Medical Care Flexible Spending Account.
No interest or other earnings shall be credited to any Participant’s Medical Care Flexible Spending Account.
A Participant taking an unpaid leave of absence which qualifies as an FMLA leave of absence may cease all or a portion of required contributions consistent with the requirements of the FMLA; provided, however, such person shall be able to elect coverage for Qualified Benefits, as well as coverage under a Medical Care Flexible Spending Account (subject to Section 6.08(b)) upon reinstatement of participation during the same Plan Year.