If you need help spending your balance, check out items available for purchase.
The money in your FSA does not roll over year to year. The due date to use your money is approaching. Get the most out of your FSA by using all your funds.
Typical spending accounts require that you use your funds by Dec. 31. With CHI you have until March 15, 2018, to use your 2017 money, and until March 31, 2018, to submit receipts for reimbursement. You forfeit any unused 2017 funds after March 31.
If You Enroll in the 2018 HDHP/HSA – Special Rules Apply
By IRS rules, you cannot have an HSA (health savings account) while you have an open FSA or an open HIA (health incentive account). Although you may take advantage of the grace period to spend your unused 2017 FSA and HIA funds, doing so will affect access to your HSA in 2018.
- You will not be able to access your HSA until April 1, 2018, if you have a balance in your FSA or HIA beyond December 31.
- If you want to access your HSA starting Jan. 1, use your FSA and HIA funds by December 31, 2017.
Special note about the HIA: The HIA is similar to the FSA in how it affects your HSA, however, it does not have the same “use it or lose it” rule. If you have a balance in your HIA after March 31, you will keep your money as long as you remain enrolled in a CHI medical plan. If you enroll in the HDHP/HSA for 2018, your unused HIA funds will transfer into a “post-deductible spending account” on April 1. You can then use the money toward dental and vision expenses at any time or use the money toward medical expenses after you’ve met the HDHP medical plan deductible.
Check your account balance now. Be sure to manage your account so you don’t forfeit any unused FSA funds.