It’s important to regularly check on the balance in your Health Spending and/or Personal Spending Accounts under the Flexible Spending Program and note when available funds “expire.” Unspent funds can only be carried forward for one year and funds you do not spend after two years revert to the employer.
You can find account balances on the Sun Life website (http://www.mysunlife.ca). Log in and click on “My Health and Wellbeing.” The amounts in the accounts are specified as well as the year in which allocations were made.
Many of you have unspent money in these accounts that will revert to the employer at the end of this year. Allocations made for the period July 1, 2011 to June 30, 2012 expire on December 31, 2013. Check your account balances and make a point of submitting claims for eligible expenses.
Information on what expenses can be covered using the Health Spending Account can be found at http://working.usask.ca/documents/findmybenefits/benefitplans/faculty/usfa_hsa.pdf.
Information on what expenses can be covered using the Personal Spending Account can be found at http://working.usask.ca/documents/findmybenefits/benefitplans/faculty/usfa_psa.pdf.
Claims for reimbursement from any of the benefit plans must be submitted to Sun Life within 90 days of the end of the calendar year in which the expense is incurred.
The deadline for submitting claims incurred between January 1 and December 31, 2013 is March 31, 2014.