Tax Advantage Accounts
Limited Purpose Health Flexible Spending Account
Filing a Claim for Reimbursement
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Online Banking: Claims can be filed online at the Bank of America website for services not paid for with the debit card. Claims should be filed using the "New Claim" button on your account page.
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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 a Claim for Reimbursement
- 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.
Amount Available for Reimbursement
Your total annual Limited Purpose Health FSA contributions are available to be reimbursed at any time during the year. For example, if your claims exceed the balance in your Limited Purpose Health FSA, you will be reimbursed up to the total amount you have elected to deposit for the year, regardless of the amount you have contributed at the time you submit your claim. Save your receipts. You may have to show the IRS the expense was qualified.