Yes! Since Flexible Spending Accounts (FSAs) are IRS-regulated benefits, save all of your receipts. IRS rules require FSA Plan Administrators to substantiate the eligibility of ALL items and services billed to Flexible Spending Accounts, including those transactions using HCSA debit cards.
MSU’s FSA Plan Administrator, Meritain Health, may contact you to submit a receipt to verify an expense. To meet IRS requirements, if such receipts aren’t sent to MSU’s FSA Plan Administrator in the time frame indicated in their messages, your HCSA Debit Card may be suspended until the issue is resolved.Continue Reading… Do I need to keep all of my receipts for my Flexible Spending Account?
