Types of FSAs
This is a traditional FSA. Eligible Expenses include medical, dental, vision, orthodontia, and over-the-counter. (See Section 213(d) of the Internal Revenue Code)
Eligible expenses are limited to dental and vision expenses until the health plan deductible is met.
Eligible expenses are limited to dental and vision only.
FSA combined with an HSA
When pairing an FSA with an HSA, the account is a post deductible account. Once the deductible on the high deductible health plan is met, the account can reimburse for non-deductible medical expenses in addition to vision and dental expenses. Employees participating in a general purpose FSA are not allowed to contribute to an HSA.
Claim Submission Deadline
The claim submission deadline is typically called run out and is indicated in your employer’s Summary Plan Description. The run out deadline is the last day your claim can be received by SelectAccount and be eligible for processing from the account. Employers can choose the length of the run out for their group. Any funds that remain in the account after the run out deadline are returned to your employer.
A grace period allows you the opportunity to spend down the balance from a previous plan year using expenses incurred in the current plan year. The Employer determines if a grace period is offered. Currently the IRS allows a grace period to extend up to 2.5 months past the end of the plan year.