IRS Announces 2025 Contribution Limits for FSAs, Commuter Benefits
October 22, 2024
Individual Premium Reimbursement
What is it?
If you have insurance coverage that isn’t provided by your employer, you may qualify for an Individual Premium Reimbursement Account. The program will allow you to use pre-tax dollars to pay for dental or vision insurance premiums for you, your spouse, or your eligible dependents.
How Does It Benefit You?
Use this pre-tax account to help reduce the cost of your non-employer sponsored insurance premiums and give yourself extra savings on insurance coverages.
Manage Your Account Online
Create your online account so you can submit claims, check your account balance, sign up for direct deposit and more. Download our mobile app to conveniently access your account anytime, anywhere. You can also manage your account when you log into your account from any of your mobile devices.
How to Log Into Your Account
Watch Video
P&A Mobile App
Learn how to use P&A's mobile app to manage your P&A account. Penny Panda shows you how in this tutorial. Please note: this app is available for FSA, HRA, Commuter, and COBRA participants.
Watch VideoDownload P&A’s MyBenefits Mobile App
Contribute
Deciding How Much to Contribute
First, you need to determine your anticipated insurance premium expenses in the upcoming year. Consider what you typically spend in a year on premiums for accident, disability or cancer coverage. Calculate the total amount and set it aside, up to a maximum of $10,000 into your FSA.
Eligible Expenses
Employer-sponsored insurance or policies purchased through an exchange are not eligible for reimbursement. The following are types of expenses that may qualify for your Individual Premium Reimbursement Account:
- Individual dental/vision premiums
- Accident/disability premiums
- Cancer insurance premiums
- Hospital indemnity coverage
Ineligible Expenses
Health insurance premiums, including COBRA payments, are NOT eligible for reimbursement under this account.
How to Submit a Claim
If you’re unable to use your Benefits Card, you can pay out-of-pocket for your expense and submit a claim for reimbursement.
How To Submit A Claim
Watch Video
Ways to Submit a Claim
With P&A, there are numerous ways to submit a claim for reimbursement.
MyBenefits Account
Log into your P&A MyBenefits account and click Upload Claim/Documentation to submit a claim.
All claims must be accompanied with a receipt/proof of purchase that includes the date(s) of service and service(s) rendered. Estimates or statements with previous balances are not sufficient. Additional information may be requested if a receipt/proof of purchase contains an estimate, previous balance or does not contain service and services rendered.
Sign up for Direct Deposit
Enroll in direct deposit and have your reimbursement deposited directly into your designated checking or savings account. With direct deposit, P&A’s typical turnaround time is less than 24 hours from the point a claim is approved. If you don’t enroll in direct deposit, a reimbursement check will be mailed to your home, which can take anywhere from 10-15 business days.
To sign up for direct deposit, log into your account and go to Direct Deposit under Quick Links. Please note, it can take up to 15 days to verify your banking info and set up direct deposit in your MyBenefits account.
Manage Your Account Online
Create your online account so you can submit claims, check your account balance, sign up for direct deposit and more. Download our mobile app to conveniently access your account anytime, anywhere. You can also manage your account when you log into your account from any of your mobile devices.
How to Log Into Your Account
Watch Video
P&A Mobile App
Learn how to use P&A's mobile app to manage your P&A account. Penny Panda shows you how in this tutorial. Please note: this app is available for FSA, HRA, Commuter, and COBRA participants.
Watch VideoDownload P&A’s MyBenefits Mobile App
Contribute
Deciding How Much to Contribute
First, you need to determine your anticipated insurance premium expenses in the upcoming year. Consider what you typically spend in a year on premiums for accident, disability or cancer coverage. Calculate the total amount and set it aside, up to a maximum of $10,000 into your FSA.
Eligible Expenses
Employer-sponsored insurance or policies purchased through an exchange are not eligible for reimbursement. The following are types of expenses that may qualify for your Individual Premium Reimbursement Account:
- Individual dental/vision premiums
- Accident/disability premiums
- Cancer insurance premiums
- Hospital indemnity coverage
Ineligible Expenses
Health insurance premiums, including COBRA payments, are NOT eligible for reimbursement under this account.
How to Submit a Claim
If you’re unable to use your Benefits Card, you can pay out-of-pocket for your expense and submit a claim for reimbursement.
How To Submit A Claim
Watch Video
Ways to Submit a Claim
With P&A, there are numerous ways to submit a claim for reimbursement.
MyBenefits Account
Log into your P&A MyBenefits account and click Upload Claim/Documentation to submit a claim.
All claims must be accompanied with a receipt/proof of purchase that includes the date(s) of service and service(s) rendered. Estimates or statements with previous balances are not sufficient. Additional information may be requested if a receipt/proof of purchase contains an estimate, previous balance or does not contain service and services rendered.
Sign up for Direct Deposit
Enroll in direct deposit and have your reimbursement deposited directly into your designated checking or savings account. With direct deposit, P&A’s typical turnaround time is less than 24 hours from the point a claim is approved. If you don’t enroll in direct deposit, a reimbursement check will be mailed to your home, which can take anywhere from 10-15 business days.
To sign up for direct deposit, log into your account and go to Direct Deposit under Quick Links. Please note, it can take up to 15 days to verify your banking info and set up direct deposit in your MyBenefits account.