How it Works
Plan Year (July 1 - June 30 plus a 2 1/2 month Grace Period)
- You have 45 days at the end of the Plan Year to file claims for services provided during the Plan Year. Services must be rendered and paid for by September 15 and claims may be submitted through October 30.
- Checks and/or direct deposits are issued every Wednesday for claims submitted the previous Friday.
- Claims must be filed within 31 days of employment termination in order to be considered for reimbursement.
How it Works:
- First, estimate how much money you will spend in the coming year for eligible healthcare and dependent care expenses.
- Once calculated, the FSA allows you to set aside a portion of money from your salary each payday.
- The amount you allocate to your account is taken out of your pay before taxes are calculated and withheld. That means that part of your pay that goes towards FSA is tax-free.
- When you pay for eligible healthcare and dependent care expenses during the year, you get reimbursed for them with the money you have set aside in your FSA. Since the money was set aside on a tax-free basis, you've saved the dollars you would have paid on earnings spent for healthcare and dependent care expenses.