"Oh no! I apparently just missed my FSA deadline on December 31. What happened to the money I had? Can I still get paid for claims even though the plan year ended?" - Maria from Houston, Texas.
If you're wondering about this, you're not alone. It can be a bit confusing, but luckily you could have some options. You're typically given a window of up to 90 days to submit claims after the end of plan year (this is for any expenses incurred during that plan year). How much time you have actually depends, and it's best to consult your FSA administrator as to the specifics/timeline for your plan.
Below are some other points to consider related to claims:
Does your plan have a Grace Period? If you're not sure if your plan has this deadline extension, contact your FSA administrator or HR department as soon as you can. With a Grace Period, you'd have up to 2 and a half months following the end of plan year to continue incurring new expenses with your prior-year FSA.
Does your FSA plan have a Carryover? If your employer gave you this option, you'd be allowed to carry over up to $500 in unused FSA funds at the end of plan year. If you have a Carryover, you cannot have a Grace Period as well.
Wondering how you can submit claims for (FSA) reimbursement during the year? Your FSA administrator will have a specific process for receiving claims. Some FSA administrators allow you submit claims online, while others offer a form for you to fill out.
Can I file claims for any medical services I got before the FSA plan year started?
People are often curious if they can file a claim for medical services they received prior to the beginning of the plan year. The simple is no. The date of the medical service must fall within the plan year.
How about getting reimbursed for a service before paying the bill?
You can get reimbursed as long as the date of the medical service falls within the FSA plan year, and this medical service is considered eligible under your FSA plan. You would need to submit a claim for reimbursement with details showing specifically what's owed, and then once you obtain the reimbursement, you can use that to cover the bill.
Flexible Spending Account: March 15 Grace Period
Do you have a grace period ending March 15, 2015? There is still time to use funds from your 2014 FSA year. Shop for FSA eligible productsat FSAstore.com and follow our blog for the latest news about FSAs.
“Incurred” refers to expenses that happen after a service or product is provided – not when you are billed or pay for the service. You cannot be reimbursed in advance for any services.
Because FSA funds are available to you on the first day of your plan year, you must be able to receive full reimbursement for your contribution.
So, if you opted in for $1,200 a year for your FSA, you could use that amount on the first day (if you wanted to).
You can submit for FSA reimbursement in two ways:
1.Your FSA Administrator might provide you with an FSA Debit Card to use toward FSA eligible expenses.
You’ll be able to use the card at approved stores or pharmacies (we accept FSA Debit Cards and all major credit cards at FSAstore.com!)
By using the FSA debit card, your expenses are auto-adjudicated (electronically approved or disapproved) from the card and you may not need to submit additional receipts to your FSA Administrator.
Some FSA Administrators could still require a receipt to substantiate a claim. Check with your FSA Administrator about reimbursement procedures for your plan.The FSA Debit Card would not be charged if something is not considered FSA eligible under your plan.
2.Your FSA Administrator might require you to submit paper receipts on eligible expenses.
You’ll have to typically submit a reimbursement claims form with:
- your personal details,
- product/service details(provider information)
- amount owed
- date of service provided.
FSAstore.com can provide you with an itemized receipt after you make your order to submit to your FSA Administrator for FSA reimbursement.