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Flexible Spending Account??????

Old 11-29-2016, 10:20 AM
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Default Flexible Spending Account??????

My wife and I have a Flexible Medical Spending Account through our employers. We have a situation where we have money remaining in both our accounts as we over-estimated what we thought we'd spend. Our plan has a grace period until March 15, 2017 but, I am unable to get a straight answer about that.

Does that mean that we can incur allowable medical expenses up to March 15, 2017 and use 2016 contributions to pay for it

or

Does that mean we can "file" for expenses incurred during 2016 up to March 15, 2017?

I can't get a straight answer out of our HR department or the damn company that administers the plan.

I have come to the THT experts.

Thanks
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Old 11-29-2016, 10:23 AM
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You have until 3/14 to use the money to pay any costs incurred in 2016
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Old 11-29-2016, 10:24 AM
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Our plan is set up the same way (I'm sure it's an IRS rule), it means you can pay for fees in 2017 with money accrued in 2016.
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Old 11-29-2016, 10:26 AM
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Ok just saw MB's post and we contradict each other. Pretty sure we have been in this situation, I'm calling HR and I'll report back.
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Old 11-29-2016, 10:28 AM
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Originally Posted by DFreedom View Post

Does that mean we can "file" for expenses incurred during 2016 up to March 15, 2017?
This
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Old 11-29-2016, 10:28 AM
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I can roll $500 into the next year's plan. Not sure if that is an "Our Plan" thing or an FSA thing.
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Old 11-29-2016, 10:30 AM
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My plan I can carry $500 over to the next year. Check and see about your plan. If not buy a bunch of Sun screen, Bandages, Blood pressure machine, Hot and cold compresses, condoms, Etc.
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Old 11-29-2016, 10:30 AM
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Sounds to me you guys are saying the same thing. Our plan is the same.

You have until Mar 14, 2017 to submit qualifying expenses against the money withheld for 2016.
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Old 11-29-2016, 10:33 AM
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When I had such a program with my employer, it would have worked like this. You had until mid-March of 2017 to file for payment of medical expenses incurred in 2016, after that you forfeited any 2016 contributions remaining in the fund.

If we had a significant balance remaining in November, we'd do things like buy new eyeglasses, prescription sunglasses, fill prescriptions or some other allowed expense before Dec. 31.
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Old 11-29-2016, 10:45 AM
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A cut n paste from our manual. IRS rules apply.
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Old 11-29-2016, 12:19 PM
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HSA's seem to be a better deal.
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Old 11-29-2016, 12:23 PM
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... go ahead and get the wife that boob job. You'll both benefit.

And we will need before and after pictures.
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Old 11-29-2016, 12:47 PM
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Originally Posted by MAXIMUM B View Post
HSA's seem to be a better deal.
Sorta but you can't claim things like OTC drugs, contact lens solution, massages, etc. on an HSA. Get both if you can swing it.
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Old 11-29-2016, 12:56 PM
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Prescription sunglasses are covered
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Old 11-29-2016, 01:23 PM
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Default OTC Drugs

You can claim expenses for OTC drugs if you get your DR. to write a prescription for them. My OTC Allegra is covered with no issues and is filled as if it were a prescription med.
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Old 11-29-2016, 01:38 PM
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^^^^

• Health Care FSA maximum is $2,600.
• Over-the-counter (OTC) medicines or drugs are not eligible for reimbursement unless you have a prescription from your health care provider.
• (The only exception is insulin, which continues to be eligible without a prescription.
• Also, supplies such as bandages, contact lens supplies and solutions, first aid supplies, and reading glasses continue to be eligible without a prescription).

• Dependent Care (day care) FSA maximum is $5,000.
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Old 11-29-2016, 03:10 PM
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All I really want to know is, do I have to incur any allowable expenses BEFORE Dec. 31, 2016 or, can I actually incur expenses up to Mar. 15, 2017?

It isn't enough for a boob job but it is more money than I want to lose. We had designated enough money to cover the dreaded colonoscopy but then in January, they made them free on our insurance plan so we have money we have to spend or lose.
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Old 11-29-2016, 03:14 PM
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Originally Posted by DFreedom View Post
All I really want to know is, do I have to incur any allowable expenses BEFORE Dec. 31, 2016 or, can I actually incur expenses up to Mar. 15, 2017?

It isn't enough for a boob job but it is more money than I want to lose. We had designated enough money to cover the dreaded colonoscopy but then in January, they made them free on our insurance plan so we have money we have to spend or lose.
On paper, you are supposed to use it before the end of the plan year. If you have a FSA debit card however, you can usually get away with stuff in the next year. There is a slim chance that they might ask for proof of how it was used, but they usually don't. If you don't have the debit card, carrying it forward after December 31 will be difficult, and technically not allowed.
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Old 11-29-2016, 03:45 PM
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Originally Posted by DFreedom View Post
It isn't enough for a boob job but it is more money than I want to lose.
Maybe you can get one done this year and one next year?
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Old 11-29-2016, 04:18 PM
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Originally Posted by DFreedom View Post
All I really want to know is, do I have to incur any allowable expenses BEFORE Dec. 31, 2016 or, can I actually incur expenses up to Mar. 15, 2017?

If your plan allows it, you can incur expenses until March 15, 2017. Additionally, some plans allow participants to carry over up to $500 of unused amounts to the following plan year.
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