Our flexible benefit plans give you the ability to offer pre-tax savings to your employees while Sheakley takes care of benefits administration for you. Your employees gain more disposable income, while you reduce Social Security taxes and other related employer expenses. Our solutions range from Dependent Care and Healthcare Flexible Spending Accounts (FSA) to transportation, premium-only plans and Health Savings Accounts (HSA).
Why Choose Sheakley
- Single provider — one source for your HR and risk management needs
- Expertise — our experienced support team will help guide you through the complicated world of HR
- Experience — more than 50 years of serving our clients’ HR and risk management needs
- Trust — family owned, local offices, BBB Accredited and trusted by more than 50,000 clients
In general, you may only enroll in the FSA during your company’s Open Enrollment period. Elections do not carry over from year to year. You must re-enroll for each new plan year.
In general, you cannot add/drop the FSA or increase/decrease your annual election once a plan year has begun. However, there are certain qualifying life events that will allow you to make changes to your account mid-year. A list of Qualifying Events can be found here.
The Healthcare FSA covers expenses for you, your spouse and any children or dependents that you claim on your taxes. Eligible items and procedures include, but are not limited to, copays, prescriptions, diabetic supplies, dental care and vision care. As of 2011, over-the-counter medicine requires a doctor’s note in order to be covered by the FSA. A more comprehensive list of eligible expenses can be found here.
The Dependent Care FSA covers expenses for your children (under age 13 or disabled) and/or elderly relatives (if qualified). Eligible expenses include charges for before and after school care programs, babysitting, day care, summer camps (day camps only) and elder care.
FSA funds can be accessed by submitting claims for reimbursement for eligible expenses via fax, email, regular mail, using the Online Claims Entry system or via the mobile app.
When submitting claims, you must include receipts/invoices for all expenses that show the date of service (not date of payment), the type of service and the amount paid or owed. Credit/debit card receipts, copies of checks and bank statements are not acceptable documentation.
If your employer has chosen to provide you with the mySourceCard FSA card, you may also use that card at your provider and funds will be deducted directly from your account. Please remember to obtain a receipt or invoice in case documentation is requested for a transaction.
Claims may be submitted as often as you like, however, please keep in mind that reimbursements are only processed on Wednesdays and Fridays. In order to be processed on Wednesday, claims must be received by 5:00pm EST on Monday; to be processed on Friday, claims must be received by 5:00pm EST on Wednesday.
In general, the FSA plan is a “use it or lose it” program. If you are unable to claim all of your funds by the end of the plan year, they will be forfeited back to your employer. However, there are plan options that allow a modification to these rules. The Carryover option allows up to $500 in unused funds to be carried into the next plan year. The 2.5 Month Extension option allows you an additional 2.5 months after the plan year ends to spend unused funds. For information on your company’s specific plan design, please contact your Human Resources Department, or you may contact Sheakley’s FSA Customer Service at 800-877-6630 or firstname.lastname@example.org.
Although the card may have been used at an eligible provider, Sheakley receives very limited information on the transaction itself. For example, a card may be swiped at a dentist’s office for a standard cleaning (which is eligible) or for teeth whitening (which is ineligible), but use the same code. Per IRS guidelines, we must request documentation for some transactions in order to determine that they are for eligible medical expenses. If documentation is needed for a transaction, you will receive a request via email.
In general, you may only claim expenses incurred while you were actively covered by the plan; however, specific termination procedures vary from plan to plan. Please contact your Human Resources Department or you may contact Sheakley FSA Customer Service at 800-877-6630 or email@example.com for additional information.
Hear It from Our Clients
Christina is wonderful to work with. She answers any questions I may have, she provides written materials to help me better understand, she is kind and very personable. She is a pleasure to work with.
Will is fantastic! Responds quickly, accurately and with friendliness in his correspondence.
I am happy with Sheakley. If I have an issue, which is rare, it is always taken care of right away.
Been with Sheakley now for 7 years or so…terrific Account Manager, Will Blake, and always positive feedback from employees!