December 31 is the deadline for spending at least some of your Health and/or Personal Spending Accounts under the Flexible Spending Plan. Amounts remaining in the fund will carry over for only one year, and allocated funds left unspent after two years are returned to the Employer. Make sure you spend the credits that are about to expire! You can find out if you have a carry-forward amount in your account by following these instructions.
Now is the time to check through PAWS or Sun Life, the credit amount allocations, and their expiry dates to ensure that you are maximizing the benefits provided by each spending account through this Plan.
If you purchased eyeglasses or had prescription medicine costs or paramedical services costs that exceeded the regular Health Plan benefit reimbursement amounts, you may make a claim for reimbursement through your Health Spending Account. You may claim eligible health spending costs for dependents as well as your own personal costs.
Just some of the eligible expenses payable through the Personal (Wellness) Spending Account (for expenses of faculty members only) include fitness class registrations, court fees, green fees, personal trainer fees, child care, elder-care and fitness equipment purchases. Please refer to the detailed list of eligible expenses of each plan on the HR website. Further information on eligible item expenditures can be found here.
2023 Flexible Spending Plan Credits Allocation Deadline is December 31, 2023
The deadline to allocate the $500.00 to the flexible spending program accounts is December 31. After that, all allocations are irrevocable for the period January 1, 2024 to December 31, 2024. If no allocation is made by December 31, the amount will be allocated to the account designated in the previous year.