Tax Advantage Accounts
Health Care Flexible Spending Account
Getting Reimbursed with a Flexible Spending Account
Flexible Spending Accounts (FSAs) require substantiation. Reimbursements from FSAs must be accompanied by the appropriate documentation, typically in the form of a receipt. The documentation must indicate whether it is a qualified expense. In many cases, claims provided by the insurance company (BCBSIL or Delta Dental) contain the appropriate information needed. However, in many situations account holders will need to submit additional documentation.
-
Online Banking: Claims can be filed online at the Bank of America website. Claims should be filed using the "New Claim" button on your account page.
-
Debit Card: If claims are paid for with the Bank of America debit card, you will need to save the receipt and provide a copy to substantiate the claim if requested. “Notice to Substantiate” will be listed under "Action Needed" section of your account page on the Bank of America website.
Deadline for Filing Claims with an FSA
- Year end: You have until March 31st to file claims for expenses incurred during the prior plan year. Any money left in the account after March 31 will be forfeited.
- Mid-year termination of participation: If you retire, leave the organization or cancel your FSA account mid-ear, you have 90 days to submit your claims to Bank of America for reimbursement. Any money left in the account will be forfeited.