Tracking FSA to Expenses

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archbish99
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Joined: Fri Jun 10, 2011 6:02 pm

Tracking FSA to Expenses

Post by archbish99 »

Minor, but I'm in the interesting position of having switched employers in the last two months of the year. My new employer gives me 60 days to switch around my new-hire benefits elections. I initially elected $300 in the FSA, but once I saw the bill for my wife's glasses, I increased that to $700 and the increased election took effect a week or so later. As we're continuing to incur medical expenses, I've increased it again to $850.

I asked the FSA provider's customer service whether, if I submit a large expense now, I would be reimbursed the remainder when the increased election took effect. They said that elections can't be changed without a new qualifying event, even if it's within the right time frame from when I was hired.

That's clearly either incorrect or they shouldn't have accepted my first increase. :wink: Does anyone know the actual answer which, and whether I should be expecting the second increase to actually take place?
I'm not a financial advisor, I just play one on the Internet.
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archbish99
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Re: Tracking FSA to Expenses

Post by archbish99 »

The second increase appeared sometime in the last day or so, so whether they're supposed to or not, they clearly do permit me to increase my election. Now I'm trying to decide whether to increase it one more time....
I'm not a financial advisor, I just play one on the Internet.
aristotelian
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Re: Tracking FSA to Expenses

Post by aristotelian »

archbish99 wrote: Sat Dec 23, 2017 3:34 pm The second increase appeared sometime in the last day or so, so whether they're supposed to or not, they clearly do permit me to increase my election. Now I'm trying to decide whether to increase it one more time....
This is your election for this year, correct?

I am a surprised they let you do that, and would be even more surprised if they let you do it again.
PatrickA5
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Re: Tracking FSA to Expenses

Post by PatrickA5 »

Never heard of being able to increase an FSA within the plan year without a qualifying event. I'm very surprised they let you do that.
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