End of Year Remaining Balances and Eligible Expenses

End of Year Remaining Balances and Eligible Expenses

With the end of the plan year less than a month away for many pretax reimbursement plans such as flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) participants may be looking to confirm how they can spend their remaining balance to avoid the forfeiture of funds.

For plans that reimburse all eligible expenses, there are some common expenses that participants may not know they can claim. Some of these expenses include:

  • Prescription Sunglasses
  • Sunscreen
  • Bandages
  • First Aid Kits
  • Blood Pressure Monitors
  • Contact Lens Solution
  • Diabetic Supplies
  • Mileage for eligible expenses

Once an expense is determined to be eligible for reimbursement, all the necessary documentation should be gathered to submit the expense for reimbursement. If the plan offers the use of a flex card, it is important to keep all itemized documentation in case it needs to be submitted to validate the charge.

While the items listed above are just some examples of expenses that are generally eligible for reimbursement, plans can be designed to only reimburse specific expenses. It is important to check plan documents to confirm what is eligible before submitting an expense for reimbursement.

 

 

BusinessPlans, Inc. – myCafeteriaPlan does not intend to provide legal or tax advice and information contained in this article should not be interpreted as such. Regulations governing pretax plans are often open to interpretation and should be reviewed with your legal or tax advisor before making any decisions regarding your plan.

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