End-of-Year Tips and Plan Deadlines
Find information about your plan timing, deadlines, tax considerations and more. How to Find Important Dates for Your Plan Important dates and rules for your plan are available when you log in to your account at www.chard-snyder.com. Go to the Accounts tab and click on the blue name of your plan. A screen will pop up showing you important information about your plan. • Plan Year - These are the dates when your plan is active. The beginning date is the first date for this plan year that services or purchases will be eligible for payment. • Final Service Date - This is the last date for this plan year that you may purchase eligible services or merchandise. • Final Filing Date - This the last day that you may submit claims for payment. • Claim Summary - This area shows the totals of all the claims you have submitted for the year, the amount of claims paid, the amount of claims that are pending, and the total of any that have been denied. What Happens at the End of the Plan Year You will want to make sure you spend down your account before the plan year ends, but FSAs can have features added to allow for time to use up leftover funds. Check your plan rules or contact your Human Resources department to confirm if these are available to you. • Runout Period - All FSAs have a runout period. This is the time between the last day of your plan year and the final date you may submit a claim. The runout period provides you with extra time to submit receipts or Explanation of Benefits forms for eligible services and merchandise that you purchased any time during the plan year and have not yet submitted. Remember claims not submitted by the end of the runout period will not be paid. • Grace Period - Some plans offer a grace period which extends the time you have for spending your FSA funds. There is usually a short runout period at the end of the grace period (see above). If your plan offers the benefits card, call Chard Snyder customer service to find out the rules for the benefits card during the grace period. • Carryover - Some FSAs offer the ability to carry over a specified amount from last year’s funds into the new plan year. This money becomes part of the balance in your plan and is used the same way as the money for the new plan year. Contact Your Tax Advisor Expenses you submit to your FSA may not be claimed as an expense on your tax return. For questions regarding the tax implications of your Flexible Spending Account, check with your tax advisor. Chard Snyder does not provide tax advice.
What are the important dates for your plan? Look them up and enter them here for quick reference: Plan Year:
Final Service Date:
Final Filing Date:
Runout Period Ends:
Does your plan have a Grace Period OR Carryover? Grace Period Grace Period Ends on
Carryover Carryover Amount:
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