Can I roll over a remaining balance in my Health Care FSA?
No. FSA funds do not carry over into the new year. Claims incurred in one year must be submitted to the administrator by the end of the annual grace period, March 31 of the following year. Note: The use-it or lose-it rule has been suspended for plan years 2020 and 2021. See the FSA section for more information.
Who is the administrator for FSAs?
PayFlex began administering the FSAs January 1, 2021. WageWorks will finish administering the 2020 FSAs March 31, 2021.
I understand that over-the-counter (OTC) medications are only covered under the Health Care FSA with a doctor’s prescription. Since the pharmacy does not require a prescription to purchase OTC medications, how can I claim reimbursement?
When you purchase your OTC medication, include your receipt as well as the doctor’s prescription for that item when you submit your FSA claim. Remember that only certain items require a doctor’s prescription, and you can still submit expenses for supplies such as crutches, bandages and blood sugar test kits without a prescription.