Reminder: Deadlines for Submitting Your Flexible Spending Account Claims
November 10, 2023
If you have a Flexible Spending Account (FSA), make sure you meet the deadlines to incur and submit eligible expenses. To be reimbursed from your 2023 Health Care FSA, you must incur eligible expenses by December 31, 2023. Then, submit and substantiate your expenses by March 31, 2024.
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:
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. You can also 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 Optum website.
Remember to include the required IRS supporting documentation with your submission. Optum will contact you directly for additional information, if necessary. Failure to provide documentation when requested may require repayment through payroll on an after-tax basis. Substantiate your claims by December 31, 2023, to avoid the repayment process*.
*The repayment process applies to the Healthcare FSAs only; it does not apply to the Dependent Day Care Account.
Up to $610 of unused funds in a Health Care FSA are eligible for carry over from 2023 to 2024. The carry over process happens after April 15, 2024.
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 FSA Enrollment Handbook.
Source: Universities of Wisconsin Office of Human Resources