Reminder: Deadlines For Using Flexible Spending Accounts
November 9, 2022
An FSA allows you to be reimbursed for certain out-of-pocket expenses with tax-free dollars. Since these are spending accounts, the money should be spent. Eligible expenses include:
Medical (post-deductible only if you are also in the HDHP and HSA)An FSA allows you to be reimbursed for certain out-of-pocket expenses with tax-free dollars. Since these are spending accounts, the money should be spent. Eligible expenses include:
To be reimbursed from your 2022 Health Care Flexible Spending Account (FSA), you must incur eligible expenses by December 31, 2022. Then, submit and substantiate your expenses by March 31, 2023.
How to Pay for Eligible Expenses:
For the Healthcare FSA, you can use your payment card from the FSA administrator (Optum) at the point of sale or service. Otherwise, pay for your eligible expenses with a personal credit card, a debit card, cash, or check and submit your eligible expenses for reimbursement through Optum’s mobile app or website.
How to Submit Eligible Expenses for Reimbursement
The most efficient way to submit your eligible expenses for reimbursement is electronically by using the Optum mobile app or website. The links are below.
Remember to include the required IRS supporting documentation with your submission. Optum will contact you directly for additional information. Failure to provide documentation when requested may require repayment through payroll on an after-tax basis. Substantiate your claims by December 31, 2022, to avoid the repayment process.*
*The repayment process applies to the Healthcare FSAs only; it does not apply to the Dependent Day Care FSA.
Up to $570 of unused funds in a Health Care FSA will carry over from 2022 to 2023 on/around April 15, 2023. Unused funds greater than $570 will be forfeited. The IRS does not allow carryover for the Dependent Day Care FSA.
For questions about your claims, eligible expenses, or your payment card, contact Optum at (833) 881-8158.
For general information, review the UW System Employee Benefits FSA web page.
Source: UW System Human Resources
Categories: Employee Reimbursement Account