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Tips Ahead of The March 15 Grace Period
Online shopping before March 15 grace period, I got a notification about an upcoming March 15 deadline. How do I know if I have that deadline for my FSA? When will that deadline be? Does my money carry over to the next year?
It's possible that your Flexible Spending Account has one of two deadline extensions: an FSA Grace Period or an FSA Carryover. If your FSA plan year ended on December 31, and you have a Grace Period, then you have until March 15 to spend remaining FSA money. If your plan instead offered an FSA Carryover, you could have been allowed to carry over up to $500 from the previous year. If you're not sure about your available FSA account balance, your FSA administrator will be able to provide it for you. Some administrators have online access to your FSA, where you can check balance and claims information.
Can I have a March 15 Grace Period and a $500 Carryover?
Your FSA plan could have one of these two deadline extensions, but cannot have both a Carryover and a Grace Period. If you don't know which extension applies (though some plans have neither), it's best to ask your FSA administrator or HR department about the details and structure of your plain. If you don't use the remaining FSA money or if your FSA has a carryover and more than $500 get sun spent, the money is forfeited back to the employer.
I have a few remaining claims to file. Do I still have time to do that, or can still I file them later?
If your FSA has a Run-Out period, you'll have typically around 90 days after the end of your plan to get reimbursed for expenses incurred during the prior plan year. This means you can get reimbursed for new expenses, too. However, you can't file claims for services you may have received before the FSA plan year.
Need some additional answers about coverage and claims filing? Ask your FSA administrator, check in with your HR department, or you can always visit our Learning Centerfor more information.
Need ideas about how to use remaining FSA dollars? Check out our Grace Period Product guide: