End of year FSA checklist
It’s the final countdown…not only to 2013, but also to the end of the Flexible Spending Account (FSA) plan year for many FSA holders. The majority of FSA plan years will end on December 31, 2013.Before you settle down at the dinner table or plan for the holidays, take a minute to make sure your FSA is in order. You could still have remaining FSA dollars to spend by the end of year, or else you’ll risk losing your funds.
FSA End of Year Checklist:
- Contact your FSA administrator.Ask questions about your FSA plan if you’re not sure about your plan deadline, remaining FSA balance, or if the recent U.S. Treasury changes have affected your plan.
What are the different deadlines?
- It may be that you have a December 31 deadline (and no grace period or $500 carryover to the next year). If you do, make sure to use your FSA!
- You could have a $500 carryover. If you do, up to $500 will carry over to the following year, but any remaining money in excess of $500 will be lost if you don’t spend it before the deadline.
- You may have an FSA grace period. If you do and your plan year ends December 31, you’ll have until March 15 to use your remaining FSA funds.
- Spend your remaining dollars before your FSA deadline.
- Schedule an appointment with a medical provider.
- Submit a claim to be reimbursed for any eligible expenses you paid for out of pocket. Include a receipt to support that the item is FSA eligible.
- Shop for medical products or supplies at FSAstore.com.
- Plan ahead for your next plan year.
If you made your election for your FSA, it’s never too late to research more about FSA eligible expenses. Your FSA can be applied to many different costs ranging from deductibles at a health care specialist’s office, eye exams, and even breast pumps.
You might be surprised to find that sunscreen, reading glasses, cold packs, heat wraps and even breast pumps are FSA eligible! Or you can check out FSA eligible services to determine what medical services are eligible for reimbursement. We also have an FSA Learning Center to answer any of your other FSA-related questions.
On behalf of our FSAstore.com team, we wish you a Happy Holiday season!