The end of the plan year can come pretty quickly for some of us. Suddenly, we realize we haven’t used all of the funds in our TexFlex flexible spending account (FSA).
The good news: You have a run-out period until December 31, 2018 to file claims for eligible expenses you had during the Plan Year 2018. If you submit paper claims, they must be postmarked no later than December 31. Claims postmarked after December 31 will be denied.
Don’t procrastinate! File any outstanding claims as soon as possible. If you wait until December 31 to file and it turns out you have missing or incomplete information, you may not have time to fix your claim to get your reimbursement.
More good news for health care FSA and limited FSA participants: You can carry over $25 to $500 of unused funds from one plan year to the next. (Any amount over $500 will be forfeited.) This feature, paired with the run-out period, helps ensure that you won’t have to forfeit any funds. Here’s an example of how it might work:
- You have $625 in your health care FSA when the new plan year begins.
- You have receipts for $125 worth of eligible health care expenses that you can submit.
- You submit the claims before December 31, 2018.
- $500 carries over and becomes available in your account for Plan Year 2019.
If you don’t submit those claims by December 31, you will lose $125 of your carry-over balance and your total Plan Year 2019 balance will increase by $500.
I have a dependent care FSA
. The carry over only applies to the TexFlex health care FSA and limited FSA; it does not apply to the TexFlex dependent care FSA. If you had money left over in your account at the end of the plan year, you do have a grace period through November 15. This means you must have new expenses between September 1 and November 15 and submit the claims by December 31. If you still have funds in your account after you’ve filed claims for your grace-period expenses, you will lose those funds.
What if you have a commuter spending account (CSA)?
A CSA is a month-to-month benefit. You can enroll in, change your contribution amount or close your account at any time. Any balance over $3 rolls over to the next month.
For more information, review TexFlex’s Frequently Asked Questions
. You can also call TexFlex customer care, toll-free, at (844) 884-2364, Monday–Friday, 7 a.m.–7 p.m. CT.