Health FSA Grace Period vs. Carryover
A periodic review of your Health FSA design can help determine whether your current approach still meets the needs of your workforce.
Credit Card Receipt for FSA Reimbursement
Why isn't my credit card receipt enough to be reimbursed from my Health FSA?
Q: Why isn’t my credit card receipt enough to be reimbursed from my Health FSA?
A: A credit card receipt generally only shows that you made a payment. IRS rules require your Health FSA administrator to verify that the expense was for an eligible medical service or product. In most cases, you must provide documentation, such as an itemized receipt or Explanation of Benefits (EOB), showing the patient’s name, the provider or merchant, the date of service, a description of the service or item, and the amount charged. For some over-the-counter (OTC) purchases, a store receipt may be sufficient if it clearly identifies the eligible product purchased. This documentation allows your administrator to determine whether the expense qualifies for tax-free reimbursement under your Health FSA.
Benefit Allocation Systems (BAS) provides online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 integrates with major insurance carriers for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and others), and with leading payroll platforms for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and others).
This article is for informational purposes only and is not intended as legal, tax, or benefits advice. Readers should not rely on this information for taking (or not taking) any action relating to employment, compliance, or benefits. Always consult with a qualified professional before making decisions based on this content.
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