Flexible Spending Account (FSA) Tips & Reminders:

FSA expenses are eligible for reimbursement based on the type of expense and the applicable coverage period. The coverage period is the period of time between the first day and last day of FSA plan coverage (7/1 to 6/30 of the following year). The July 1, 2017 pay date is the last contribution for the 2016-2017 plan year. Participants should be sure to include this deduction in their 2016-2017 reimbursement requests. Participants have three months from the termination or end of the plan year to file for FSA reimbursement of eligible expenses incurred during the coverage period. The FSA Card may not be used after June 30, 2017 to pay claims incurred during the July 1, 2016 – June 30, 2017 plan year. Participants whose accounts end (ex. termination of employment or a status change) do not have access to the FSA Card after the account terminates. During the three-month run-out period participants can still submit paper claims by mail and/or FAX, and can receive assistance by … [Read more...]