Flexible spending accounts (FSAs) allow participants to set aside pre-tax dollars for qualifying medical and/or dependent care expenses. Flexible spending accounts are administered by WageWorks.
Claims for reimbursement must be submitted no later than November 30 following the end of the plan year (June 30). You now have a 2.5 month grace period to use your benefits beyond the end of the plan year. So, you have until September 15 after each plan year to incur expenses toward the balance in your medical and/or dependent care spending account for the previous plan year. For more information about this extension, please read the following Q&A.
Money remaining in either account after September 15 will be forfeited. For this reason, accounts should be funded wisely. Careful planning is essential because the amount allocated cannot be changed during a plan year unless you have a qualifying change in status.
Please click on the following links to read more about the individual programs:
See the following additional general information regarding the flexible spending accounts: