HR Question of the Week
HR Question of the week
What is the deadline for spending out funds from my 2013 Health Care Flexible Spending Account?
The IRS requires that any balance remaining in your Health Care Flexible Spending Account (HCFSA) for calendar year 2013 be spent by March 15 of the following year and filed by June 30 of the following year, or the balance will be forfeited. This means if you had a balance of funds remaining in your HCFSA as of Dec. 31, 2013, you have until March 15, 2014, to incur qualified expenses (i.e. deductibles, co-pays, eyeglass expenses not covered by vision plan, etc.). Incurred expenses must be filed by June 30, 2014. This is known as the IRS “use it or lose it” rule and there are no exceptions.
Your “take care” Visa flex benefits card is the most convenient way to pay expenses. By paying with the card, your purchase is deducted from the appropriate balance in your HCFSA. Certain payments will require further verification, so hold onto your receipts.
If a provider does not accept Visa, you'll need to file a claim for reimbursement. Filing claims is easy. Complete a claim form and attach a copy of the bill and either mail or fax to:
2060 East Ninth Street Street
Cleveland, Ohio 44115-1355
Fax (440) 878-4890.
Additional information regarding the HCFSA administered by Medical Mutual Flexsave can be found on the Benefits website or by clicking here. For additional information or questions about your account, contact FlexSave at 800-525-9252 or visit www.myflexonline.com.