What do you know about FSAs?

User avatar
Verrine
Marchioness
Marchioness
Posts: 958
Joined: Wed May 23, 2018 8:46 pm

Unread post

We have an FSA. We still have over $200 in the account. Does it have to be used up by Dec 31? Is the whole amount for the year accessible on Jan 1? How do you prove that you spent it on allowable things? Do you need receipts for each item?

Should I buy random stuff from the FSA store?

I bought glasses for everyone but our major medical expenses for the year were mostly from before we had the FSA. I've forgotten to use the FSA credit card for some prescriptions and I think I can get reimbursement for those. That would still leave over $100 that I don't want to lose!
User avatar
jas
Donated
Donated
Princess Royal
Princess Royal
Posts: 8092
Joined: Fri May 25, 2018 8:33 am
Location: This space for rent

Unread post

it goes back to the employer at the end of the plan year. Whatever that is. It might be fiscal, some are calendar. I don't really know that one. I read somewhere you can use it at Walgreens for some things as well.
Deleted User 670

Unread post

From what I remember, it does not roll over and if you don't spend it all you lose it. I think a lot of people end up being screwed over because you have to really keep up on top of it and you have to decide at the beginning of the year how much to put in it each month guessing on what your yearly needs would be and that's really hard. It never seemed worth the hassle for us.

If you submit the paperwork you can get reimbursement. But I think it has to be before the year ends. Is there someone at HR or the insurance company or who manages the FSA that you can call?
User avatar
LiveWhatULove
Donated
Donated
Princess
Princess
Posts: 13957
Joined: Mon May 21, 2018 7:55 am

Unread post

I would immediately submit the receipts for prescriptions or glasses if you have them. I lost money one year, many years ago. I know my daycare FSA works the same way, I must submit my claims by the end of the year.
User avatar
Nerdymom
MegaMod
Duchess
Duchess
Posts: 1364
Joined: Mon May 21, 2018 12:33 am

Unread post

You can get reimbursement and if you have any bills that come in after the end of December you can send the receipt for any medical charges for services that happened before the end of the year. So if you get a bill for lab work that happened in November they will reimburse you from this years left over money.
At least that’s how ours works.
Image
Deleted User 172

Unread post

Use it asap. You're going to lose that money.
Deleted User 1039

Unread post

Our healthcare FSA gives us a grace period, but I don't exactly remember what it is. I know it isn't December 31st or you lose it, though. And then we have a few months to submit receipts for purchases within the allowable time, so if on March 1st I find a receipt from last September, I can still get reimbursed. You should check with your company ASAP to see what their policy is, I don't know if they vary.

We either use our FSA card (like a debit card) or submit receipts through their app or their website.
User avatar
Verrine
Marchioness
Marchioness
Posts: 958
Joined: Wed May 23, 2018 8:46 pm

Unread post

SolidlyAverage wrote: Tue Dec 18, 2018 1:56 pm Our healthcare FSA gives us a grace period, but I don't exactly remember what it is. I know it isn't December 31st or you lose it, though. And then we have a few months to submit receipts for purchases within the allowable time, so if on March 1st I find a receipt from last September, I can still get reimbursed. You should check with your company ASAP to see what their policy is, I don't know if they vary.

We either use our FSA card (like a debit card) or submit receipts through their app or their website.
When we had the HSA, I could just use the card for authorized vendors, like for prescriptions it would work but sometimes at the drugstore it wouldn't (for a first aid kit). I never had to provide receipts. I thought that was because it was used for medically authorized items or vendors. Do you need to provide receipts for all FSA purchases or only if you're audited, in which case I should still have them?
Deleted User 1039

Unread post

Verrine wrote: Tue Dec 18, 2018 2:55 pm
SolidlyAverage wrote: Tue Dec 18, 2018 1:56 pm Our healthcare FSA gives us a grace period, but I don't exactly remember what it is. I know it isn't December 31st or you lose it, though. And then we have a few months to submit receipts for purchases within the allowable time, so if on March 1st I find a receipt from last September, I can still get reimbursed. You should check with your company ASAP to see what their policy is, I don't know if they vary.

We either use our FSA card (like a debit card) or submit receipts through their app or their website.
When we had the HSA, I could just use the card for authorized vendors, like for prescriptions it would work but sometimes at the drugstore it wouldn't (for a first aid kit). I never had to provide receipts. I thought that was because it was used for medically authorized items or vendors. Do you need to provide receipts for all FSA purchases or only if you're audited, in which case I should still have them?
With mine it's either/or. If you use the debit card there's no need for receipts, you're just done. But if you paid out of pocket, you can be reimbursed if you provide the receipt. We upload it to the app or website, then they verify and reimburse us. I don't keep any receipts either way (once I've submitted them and was reimbursed if I paid out of pocket, of course).
User avatar
Verrine
Marchioness
Marchioness
Posts: 958
Joined: Wed May 23, 2018 8:46 pm

Unread post

SolidlyAverage wrote: Tue Dec 18, 2018 3:11 pm
Verrine wrote: Tue Dec 18, 2018 2:55 pm
SolidlyAverage wrote: Tue Dec 18, 2018 1:56 pm Our healthcare FSA gives us a grace period, but I don't exactly remember what it is. I know it isn't December 31st or you lose it, though. And then we have a few months to submit receipts for purchases within the allowable time, so if on March 1st I find a receipt from last September, I can still get reimbursed. You should check with your company ASAP to see what their policy is, I don't know if they vary.

We either use our FSA card (like a debit card) or submit receipts through their app or their website.
When we had the HSA, I could just use the card for authorized vendors, like for prescriptions it would work but sometimes at the drugstore it wouldn't (for a first aid kit). I never had to provide receipts. I thought that was because it was used for medically authorized items or vendors. Do you need to provide receipts for all FSA purchases or only if you're audited, in which case I should still have them?
With mine it's either/or. If you use the debit card there's no need for receipts, you're just done. But if you paid out of pocket, you can be reimbursed if you provide the receipt. We upload it to the app or website, then they verify and reimburse us. I don't keep any receipts either way (once I've submitted them and was reimbursed if I paid out of pocket, of course).
I just got back from the CVS and I'm STILL confused. The receipt says FSA eligible for two things and not FSA eligible for two things, but the debit card worked for all four items! The HSA card would have rejected the ineligible items.

Why is health care so complicated?
Locked Previous topicNext topic