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.
To substantiate a claim, you will need to submit an HCSA Debit Card Substantiation form and an itemized receipt. Some types of expenses, like doctor visits or prescription drug co-pays, can be automatically substantiated because co-pays are predictable amounts from medical providers.
It’s best to be safe over sorry, so keep all of your receipts!
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