If you have a TexFlexSM flexible spending account (FSA), you still have time to spend Plan Year 2021 FSA funds on eligible expenses and submit eligible claims for those expenses.
Plan Year 2021 spending deadline
The spending window for PY21 FSAs is December 31, 2021. That means you have until the end of the calendar year to use your PY 2021 FSA funds to pay for eligible health care, limited-purpose or dependent care expenses.
Plan Year 2021 claims submission deadline
You have until December 31, 2021, to submit your claims paperwork for money spent on eligible health care, limited-purpose or dependent care expenses.
What if I don’t submit claims for all the funds in my TexFlex account by the end of 2021? Will I lose them on January 1, 2022?
In PY21, the federal Consolidated Appropriations Act of 2021 removed the carryover limits and dependent care FSA grace period due to the COVID-19 pandemic. All unused funds from PY21 TexFlex health care, dependent care and limited-purpose FSAs will be carried over to Plan Year 2022. There is no minimum or maximum carryover amount, and there is no 2021 grace period for dependent care accounts.
Your unused PY21 funds are called “carryover funds.” PayFlex will move your carryover funds to a Plan Year 2022 account.
- Health care and limited-purpose FSA carryover funds were available for use starting September 20, 2021. You can use them for eligible expenses incurred between September 1, 2021 and August 31, 2022.
- Dependent care FSA carryover funds will be available on January 12, 2022. You can use them for eligible expenses incurred between September 1, 2021 and November 15, 2022.
Please note: The carryover minimums and maximums apply to PY22 health care and limited-purpose FSA. For dependent care FSA, the grace period will be back in place for Plan Year 2022, and there will be no dependent care FSA carryover from PY22 to PY23. Review PY22 program resources.
Find more information about using your PY21 TexFlex funds at www.texflexers.com and the TexFlex FAQs. You can also contact Payflex® Systems, Inc., administrator of the TexFlex program, at (866) 353-9839 (TTY: 711), Monday-Friday, 7 a.m.-7 p.m. CT and Saturday, 9 a.m.-2 p.m. CT.
Source: ERS News About Your Benefits (December 2021)
Categories: Benefits, News, Personal Finance