Do You Still Have Money in Your Flexible Spending Account? |
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May 21, 2013,
Volume 59, No. 33 |
If you have an unused balance in your Health Care or Dependent Care Flexible Spending Accounts (FSA), you should keep some important dates in mind. Due to an IRS regulation known as “Use It or Lose It,” if you don’t use the full balance in your account each plan year, you lose that unused money.
Penn’s plan year runs from July 1–June 30 of each year. The money you contribute to the Flexible Spending Accounts during each plan year can only be used for expenses incurred within certain dates (see below). Keep in mind that the expenses must be incurred while you are actively participating in the accounts.
Account Type |
Plan Year |
Time Frame to Incur Expenses |
Claim Submission Deadline |
FY13 Health Care |
July 1, 2012–June 30, 2013 (current plan year) |
July 1, 2012–June 30, 2013 |
Sept. 30, 2013 |
FY13 Dependent Care |
July 1, 2012–Sept. 15, 2013 |
FY14 Health Care |
July 1, 2013–June 30, 2014 (new plan year) |
July 1, 2013–June 30, 2014 |
Sept. 30, 2014 |
FY14 Dependent Care |
July 1, 2013–Sept. 15, 2014 |
For more details on Flexible Spending Accounts, including listings of eligible expenses and instructions on how to file a claim, visit www.hr.upenn.edu/myhr/benefits/health/fsa or call the Penn Benefits Center at 1-888-PENNBEN (1-888-736-6236), Monday through Friday, 8 a.m.–6 p.m.
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