Do you still have funds left over from your 2021 flexible spending account (FSA)? Good news! If you signed up for a health care FSA, dependent care FSA or both in 2021 and still have funds remaining in your account, you have a grace period in 2022 to use these funds.
The grace period gives you time to purchase new products or services before you forfeit unused 2021 funds. Don’t lose your money! Take note of the following important deadlines:
- March 15, 2022: this is the last day you can incur qualified expenses on your 2021 FSA plan.
- April 30, 2022: this is the last day you can submit your claims to HealthEquity/WageWorks, MSU’s FSA plan administrator. You can do this via your HealthEquity/WageWorks account or the WageWorks EZ receipts app.
The IRS requires you to forfeit any unused 2021 funds after the deadline, so be sure to spend your money and submit claims.
If you have a Dependent Care FSA, you can use pre-tax dollars to pay for eligible dependent care services, such as child or elder daycare, preschool, and before/after school programs. Find a complete list of eligible dependent care expenses here.
If you have a Health Care FSA, you can purchase a variety of products and services with pre-tax dollars. Find a complete list of eligible health care expenses here. If you need ideas for what to use your health care FSA funds on, check out the FSA store.
Questions? Please contact HealthEquity/WageWorks directly at 877-924-3967 or visit the HealthEquity/WageWorks website to learn more about how to use your leftover 2021 funds before the deadline. You can learn more about FSAs on the HR website.