HR Question of the Week

HR Question of the week

I have funds remaining in my 2014 Health care Flexible Spending Account (FSA). What is the deadline to request reimbursement of those funds?

Requests for reimbursement from your Health Care and/or Dependent Care FSA for calendar year 2014 must be submitted no later than June 30, 2015. Eligible health and dependent care expenses for which you are requesting reimbursement must have been incurred during the 2014 plan year or the grace period (Jan. 1, 2014, to March 15, 2015).

The IRS requires that any unused amount remaining in your FSA(s) at the end of the reimbursement period (Jan. 1, 2014, through March 15, 2015) be forfeited. This is known as the IRS “use it or lose it” rule.

If you have specific questions regarding your flexible spending account or allowable expenses, please call University Benefits at 330-672-3107. You may also contact FlexSave at 1-800-525-9252 or visit their website at www.mytakecareplan.com.