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Do You Have a Balance in Your FSA? |
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July 14, 2015, Volume 62, No. 01 |
If you have an unused balance in your Health Care or Dependent Care Flexible Spending Account (FSA), you need to be aware of some important IRS regulations and deadlines. The money you contribute to your FSA during each plan year can only be used for expenses incurred within certain dates, as listed below. Keep in mind the expenses must be incurred while you’re actively participating in the accounts. For more details on FSAs, including listings of eligible expenses and instructions on how to file a claim, visit https://www.hr.upenn.edu/myhr/benefits/health/fsa
Health Care FSA: All claims for expenses incurred through June 30, 2015 must be submitted by September 30, 2015. If you have a balance in your Health Care FSA after September 30, up to $500 of those unused funds will automatically roll over to the 2015-2016 plan year. Any balance above $500 will be forfeited.
Dependent Care FSA: If you have a balance in your Dependent Care FSA, make sure you use it—or you’ll lose it. IRS regulations require you to use the full balance in your account each plan year, otherwise you’ll lose that unused money. You have an extended period of time to use up your balance each plan year. Expenses incurred through September 15, 2015 can still be applied to your 2014-2015 plan year balance, as long as the claims are submitted by September 30, 2015.
—Division of Human Resources
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Almanac -
July 14, 2015, Volume 62, No. 01
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