Published to Newsletter on Feb 23, 2022
If you were enrolled in a Flexible Spending Account during the previous Fiscal Year (FY21), July 1, 2020 – June 30, 2021, you may know that you have an extended time frame to incur and submit claims for your unused FSA funds.
In May 2020, UNM’s Benefits & Employee Wellness implemented a one-time grace period the Internal Revenue Service (IRS) allowed to the FY21 Plan Year, extending the period to incur and submit FSA claims to June 30, 2022.
UNM employees who were enrolled in the Health Care FSA and/or the Dependent Care FSA on June 30, 2021, and have a balance remaining, may continue using those funds to file for claims incurred from July 1, 2020 – June 30, 2021. All claims must be submitted by June 30, 2022, in order to be eligible for reimbursement under the grace period.
Please remember that after June 30, 2022, you’ll no longer be able to use your FY21 Plan Year funds. So please start thinking of ways to use those funds and make sure to both spend the money AND submit claims by June 30, at 11:59 PM!
For employees enrolled in an FSA in the current FY22 Plan Year (July 1, 2021 – June 30, 2022), please note the important deadlines to incur and submit claims. These do not include deadline extensions.
As a reminder, the Health Care FSA is now more flexible. In addition to the traditional things that your FSA money can be used to buy – like eyeglasses, contact lenses, therapy, acupuncture, first aid kits, smoking cessation programs – your FSA funds can be used for:
Over-the-counter medications, including allergy and cold medicines
Feminine hygiene products
Ordering online and shipping to your door via
Check out the FSA | HSA Health Shopper for even more eligible expenses!
Don’t wait! There are many things you can use your remaining FSA money for! Not enrolled in an FSA? Be sure to sign up during Open Enrollment, coming this spring!
Visit the FSA website for more information.
For questions, contact Benefits & Employee Wellness at 505.277.6947 or hrbenefits@unm.edu.
Tags: Benefits
