Use or Lose Your FSA/HRA Dollars
/Time is running out to spend your Health Care Flexible Spending Account (FSA) or Health Reimbursement Account (HRA) dollars on approved medical expenses.
Employees have until Dec. 31 to use their FSA/HRA on doctors’ office visits, prescription copays, eyeglasses and contacts, dental work and many other health expenditures. For a complete list of eligible purchases, please refer to ASI Flex.
If you are looking for ways to use your remaining funds, check out FSA Store.
All documents and supporting receipts for expenses incurred in 2019 are due on or before March 31, 2020.
In addition, you may be able to roll over some of your unspent 2019 funds into 2020. Employees can roll over up to $500 into their 2020 Health Care FSA or HRA. The $500 is a combined amount for the FSA and the HRA. This IRS guideline applies to employees not enrolled in a high deductible health care plan.
If you are not sure how much you have left in your FSA or HRA, you can check your account balance through ASI Flex’s website.
A few restrictions to note: Dependent Care Flex Spending Account dollars do not roll over; and if you had a qualifying life event in 2019 and ended your spending accounts, all qualifying expenses must have been made prior to the account termination date. In addition, accounts must be active at the end of the year to be eligible for rollover.
For more information, visit the Department of Human Resources’ Benefits division on InSite.