Frequently Asked Questions
How does an FSA work?
You’re able to set aside pre-tax dollars from your paycheck to pay for eligible expenses. Putting money into a flexible spending account decreases your taxable income, which means you’ll take home more money.
Can I change my annual election amount?
You can change your election amount if you have a status change. Status changes include:
- Employment
- Marriage
- Divorce
- Birth
What happens if I have money left over at the end of the year?
The IRS has a use-it-or-lose-it rule for FSAs, which means funds must be spent by the end of the plan year unless your employer offers a grace period or carryover.
How does reimbursement work?
For out-of-pocket expenses and some debit card purchases, the IRS requires more documentation to validate that purchases were for eligible items or services. You’ll be notified via mail or email if more documentation is required. You can submit documentation through your online account, mobile app or via fax or mail, and you can receive reimbursement via your debit card, direct deposit or check.
What needs to be on documentation for reimbursements?
The IRS requires that documentation include:
- Amount of expense
- Date of purchase
- Product description
- Provider or merchant name
Still have a question? Contact your Account Executive listed at the bottom of this page.
