If your health plan offers a grace period for members to use any remaining 2022 flexible spending account (FSA) funds, you’ll want to remind them that those funds will no longer be available after March 15, 2023. Any claims submitted before that date will automatically be drawn from last year’s contributions until those funds have been exhausted… but failure to use the funds by then will result in the member losing the remaining money.
Note that an FSA grace period differs from a carryover provision, which allowed members to carry over up to $590 into 2023 and use indefinitely. Your plan can offer one or the other (or neither), but not both.
A convenient way for members to spend down their remaining funds is by visiting FSA Store. This online shop carries thousands of FSA-eligible items, including higher-end items like breast pumps, CPAP cleaning machines, and baby monitoring systems. And when members use their MedBen FSA debit card, they don’t need to substantiate their purchase.
FSA Store is offering a special grace period discount to MedBen clients. Feel free to download this flyer and encourage members to use the discount code!
Another reminder: Members can check their remaining FSA funds by logging on to MedBen Access online or via our mobile app, downloadable at the App Store and Google Play.