Flexible spending account plans allow participants to put money aside pre-tax to pay for certain eligible benefits. A Health Care FSA allows for the reimbursement of eligible medical expenses, and a Dependent Day Care FSA allows for the reimbursement of eligible day care expenses for a dependent. In order to receive tax-favored treatment, an FSA must follow certain rules imposed by the Internal Revenue Code. FSA participants should be aware of three key dates in order to retain the maximum benefit of FSA participation.
The three key dates that a participant in an FSA should know are: 1) the plan year end, 2) the grace period end (or last day to incur claims), and 3) the claims run-out period (or last day tosubmit claims). This information should be captured in a plan's Summary Plan Description, and it is also identified in MyEnroll.com through theFSA Balances and History Screen.
Simply, log on to www.myenroll.com and select the FSA Balances and History link from the left menu bar. All three dates are conveniently located in one screen. The Plan Year End date will be displayed across the top (See Item 1 below). The Grace Period and Claims Run-out Period will be displayed under each Benefit (See Items 2 and 3 below).
If you have any questions or need assistance, please contact your Account Manager or call 800.945.5513.
