Flexible spending account deadline is coming June 30
The deadline for using up health care and dependent care flex spending account (FSA) funds is June 30. Any funds remaining after June 30th will be forfeited. Claims for expenses can be submitted for reimbursement until September 30, but the claims have to be for expenses on or before June 30.
Flexible Spending Accounts (FSA) are IRS-approved accounts that allow you to set aside a portion of your income before paying taxes. Then, as you incur eligible expenses, you request tax-free withdrawals from your account to reimburse yourself.
There are two types of FSAs:
- Healthcare: For eligible medical, dental, and vision expenses, such as plan deductibles, copays,
and coinsurance. You can also use these funds for items such as reading glasses, blood
pressure monitors, contact lens solution and bandages.
- Dependent care: For eligible dependent care expenses, such as daycare for a child.
With a Healthcare FSA, you can:
- Pay for medical eligible expenses: These may include medical, dental, and vision care costs, copays, coinsurance, prescriptions,
and some over-the-counter items (but over-the-counter medications require a prescription
from your health care provider).
The FSA Store has a full list of eligible expenses here. In addition to qualified medical expenses, you can use your ASIFlex debit card at the online FSA Store or drug stores such as Walgreens or CVS.
Paying for eligible expenses is simple
- Use your healthcare payment card like you would a debit card to pay for qualified
out-of-pocket medical costs.
- Or pay with your own credit card, cash, or check. Then sign in at http://asiflex.com/ and file the claim for reimbursement by check or direct deposit.
The University's flex spending accounts are managed by ASIFlex.com. Visit their website to access resources and videos, as well as useful links to IRS-related publications and account detail. Participants interested in the ASIFlex Debit Card can access the debit card application through their Online Account.
Watch this video for all of the features!