If I put money in limited purpose FSA from each paycheck (total 26) in 2024, I will have good amount of money but only till the end of the year 2024.
If I go for dental treatment in January 2024, can I put claim on my limited purpose FSA account in November 2024?
#FSA
Note: going for FSA first time (its all through employer, though no match but can save tax as I have dental treatment coming up in January).
I have HSA account as of now and will continue with it. (on HDHP plan)
Yes, you can reimburse a 2024 expense from a 2024 FSA, even if you wait to submit the claim until your account is "filled up" enough to cover it. (You can't reimburse a 2023 expense from a 2024 FSA.)
@Opus 17 wrote:
Yes, you can reimburse a 2024 expense from a 2024 FSA, even if you wait to submit the claim until your account is "filled up" enough to cover it. (You can't reimburse a 2023 expense from a 2024 FSA.)
Let me add a note that you might not have to wait, check with the plan administrator. Both of my past employers when I had FSAs would reimburse up to the amount I had set, even if I submitted the claim before the money was deposited. (i.e. if I deposited $100 per month, I could claim $1200 in February and they would still pay it.) Your employer might not follow this but it would not hurt to ask.
I assume that you have a limited FSA plan covering dental and vision expenses. Yes, you can pay your dental expenses in January (but not with your HSA funds) and can be reimbursed later in the year from your FSA.
@Opus 17 wrote:
Both of my past employers when I had FSAs would reimburse up to the amount I had set, even if I submitted the claim before the money was deposited. (i.e. if I deposited $100 per month, I could claim $1200 in February and they would still pay it.)
All FSA plans work that way. It's a legal requirement. And if you leave the company before you have deposited enough to cover the expenses that were already paid, you get to keep the full payment. You don't have to pay it back.