Check your Flexible Spending Account balance
If you are currently enrolled in UC’s Health or Dependent Care Flexible Spending Account (FSA), now is a good time to review your account information to make sure you are using all the funds in your account.
Remember, the IRS’s use-it-or-lose-it rule applies (with some exceptions for the Health FSA – see below) and claims must be filed by April 15, 2019.
Log in to your WageWorks online account at mybenefits.wageworks.com to review your account balance(s) and other account information.
Health FSA and carryover feature
As a reminder, the Health FSA includes a feature that lets you carry over up to $500 of unused funds to the next plan year. With the carryover, if your balance is less than $500, you do not have to rush to spend all of your Health FSA funds or worry about losing money when the 2018 plan year ends.
You have until Dec. 31, 2018, to incur eligible expenses for the 2018 plan year. The plan’s deadline to file claims for expenses incurred during the 2018 plan year is April 15, 2019. After the April 15 deadline, unused funds up to $500 will “carry over” to the 2019 plan year and be available for reimbursement in early May. Unused funds that are more than $500 or less than $25 will be forfeited.
Dependent Care (DepCare) FSA
IRS rules do not allow a DepCare FSA to have a carryover feature, but you can incur eligible expenses for reimbursement during the grace period. You have until March 15, 2019 to use your 2018 plan year funds. Claims for the 2018 plan year must be filed by April 15, 2019.
Re-enrolling in 2019
Reviewing your FSA account information can help you plan for re-enrolling in 2019. You must re-enroll during Open Enrollment if you wish to participate. To avoid forfeiting money through the IRS use-it-or-lose-it rule, be sure to carefully estimate your planned expenses and make a conservative election based on that estimate.