What is the deadline for submitting claims?
Claims submitted for processing will be paid through the regular payroll. The deadline for submitting reimbursement claims for the FSA Plan for the 2007 calendar year services is the end of February 2008. Any monies remaining in a participant’s account as of March 1, 2008 are forfeited in accordance with IRS Regulations.
An employee can send in as many claims as they like, as often as they like, throughout the plan year, not to exceed the elected amount, or plan limits. There is a grace period or period of time for which a claim for an expense can be submitted after an employee has terminated from the plan or terminated employment. Your employer determines the grace periods. Please refer to the written plan enrollment communication materials provided to you or contact EBS Customer Service for more information.
When the claim is approved, you will be reimbursed the full amount of your eligible expenses, up to your Healthcare FSA annual election. Claims are processed weekly and mailed to your home address or deposited into your bank account (if direct deposit is elected). The deadline for submitting reimbursement claims for the FSA health and dependent care assistance program for the 2005 calendar year services is the end of February 2006. Any monies remaining in a participant’s account as of March 1, 2006 are forfeited in accordance with IRS regulations.
Claims for 2009 services should be submitted to PayFlex and may be submitted on as frequently as on a daily basis. Payment will be made within several days of receipt. In order to avoid account balances being forfeited, claims for services received in a calendar year must be submitted no later than the end of March of the next year. Effective for the 2009 plan year, Northwestern University adopted the IRS Grace Period for the Healthcare FSA which permits claims with dates of service through March 15, 2010 to be reimbursed using 2009 contributions.
The last day to submit claims is December 31st. However, for HCFSA only, there is a Grace Period offered following the end of a Plan Year. During the Grace Period, you may submit claims for eligible health care expenses incurred from January 1st through March 15th following the end of the Plan Year using the remaining balance in your previous Plan Year account, if any. In the event that you are unable to submit HCFSA claims by the end of the Plan Year or accompanying Grace Period, a Claims Run-Out Period is provided following the close of the Grace Period, during which you may submit claims for services performed during the previous Plan Year or accompanying Grace Period. The Claims Run-Out period ends on May 31st following the end of the Plan Year.
