HR Question of the Week
HR Question of the week
Can balances on my Flexible Spending Account (FSA) carry over from one plan year to another?
The IRS requires that any amount remaining in your Flexible Spending Account (FSA) at the end of the calendar year be spent before March 15 of the following year, or it will be forfeited. This means if you had a balance on your FSA as of Dec. 31, 2011, you have until March 15, 2012 to use those funds. This is known as the IRS “use it or lose it” rule and there are no exceptions.
Please note that even with a balance, you cannot use your 2011 FlexSave card in 2012. Instead, save your receipts and submit a claim form along with a copy of the receipts. This must be done by June 30, 2012. The claim form is located in the Flexible Spending Accounts section of the HR Forms Library.
If you are having any issues using your 2012 FlexSave card, contact Medical Mutual FlexSave at
1-800-525-9252 or visit www.mytakecareplan.com. You can also contact a member of the Benefits Office at 330-672-3107 or email@example.com.
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