HR Question of the Week

HR Question of the week

What is the deadline for spending out funds from my 2014 Health Care Flexible Spending Account?

The IRS requires that any balance remaining in your Health Care Flexible Spending Account (HCFSA) for calendar year 2014 be spent by March 15 of the following year and filed by June 30 of the following year or the balance will be forfeited. This means if you had a balance of funds remaining in your HCFSA as of Dec. 31, 2014, you have until March 15, 2015, to incur qualified expenses (i.e., deductibles, co-pays, eyeglass expenses not covered by vision plan, etc.). Incurred expenses must be filed by June 30, 2015. This is known as the IRS “use it or lose it” rule, and there are no exceptions.

Your “take care” Visa flex benefits card is the most convenient way to pay expenses. By paying with the card, your purchase is deducted from the appropriate balance in your HCFSA. Certain payments may require further verification, so keep your receipts.

If a provider does not accept Visa, you will need to file a claim for reimbursement. Filing claims is easy. Complete the FlexSave Reimbursement Claim form, attach a copy of the bill and either mail or fax to:

FlexSave
MZ 04-2W-8317
2060 East Ninth St.
Cleveland, Ohio 44115-1355
Fax: 440-878-4890

Additional information regarding the HCFSA administered by Medical Mutual FlexSave can be found on the Human Resources Flexible Spending Web page. If you require additional information or have questions about your account, contact FlexSave at 800-525-9252 or visit www.myflexonline.com.