Do you still have funds left over from your 2019 flexible spending account (FSA)? Good news! If you signed up for a health care FSA, dependent care FSA or both in 2019 and still have funds remaining in your account, you have a grace period in 2020 to use these funds.
The grace period gives you time to purchase new products or services before you forfeit unused 2019 funds. Don’t lose your money! Take note of the following important deadlines:
- March 15, 2020: this is the last day you can incur qualified expenses on your 2019 FSA plan.
- April 30, 2020: this is the last day you can submit your claims to WageWorks, MSU’s FSA plan administrator. You can do this via your WageWorks account or the WageWorks EZ receipts app. Need help submitting claims? Try out the live chat option within your online WageWorks account – it’s available 24/7.
The IRS requires you to forfeit any unused 2019 funds after the deadline, so be sure to spend your money and submit claims. If you need ideas for what to use your health care FSA funds on, check out the FSA store or the article on Tips to Use Your FSA Funds.