If you still have money remaining in your 2017 Flexible Spending Account, it's not too late! You still have time to spend it. FSAs are regulated by the IRS, and the rules allow a grace period from January 1 to March 15, 2018 for you to incur eligible expenses and spend down any balance in your 2017 FSA.
Here are three tips to help you make the most of your FSA.
1. Check Your 2017 FSA Balance
Log into your account on the PayFlex website at www.payflex.com or on the PayFlex Mobile® app to see if you have a balance remaining in your 2017 FSA.
2. Spend Your 2017 Balance By March 15, 2018
If you have a balance in your 2017 Health Care FSA, view the list of eligible health care expenses on the PayFlex website for ways you can spend it. Only eligible expenses incurred from your 2017 FSA effective date to Marcy 15, 2018 can be filed against your 2017 FSA. The IRS considers an expense to be “incurred” at the time you receive the care, service or supply, not when you’re billed or pay for the expense.
3. Submit 2017 Claims by May 31, 2018
- When you incur an eligible expense during the grace period (January 1 to March 15, 2018) and submit a claim, PayFlex will first look to your 2017 FSA. If you have funds available, they will use those funds to pay the claim. Once you use the funds in your 2017 FSA, they pay the claim from your 2018 FSA. If you did not re-enroll in a 2018 FSA, PayFlex will pay the claim up to the balance in your 2017 FSA.
- Be sure to submit your 2017 claims by May 31, 2018. Any funds left in your 2017 FSA on June 1, 2018 will be forfeited.
For more information, visit Submitting Claims for Reimbursement. If you have any questions on your Flexible Spending Account, please call PayFlex at 877-343-1346.