Flexible Spending Account (FSA) query (employment, employer, accountant, health insurance)

[Teana]

Between Jan and Aug, when working for my previous employer without health insurance, we (myself and wife) spent around $1000 towards medical expenses. Now with my new job, I'm eligible for FSA. With 4 months remaining can I contribute $250/month into FSA account to get reimbursed on my previously spent $1000?

[diorgirl]

Originally Posted by Teana

Between Jan and Aug, when working for my previous employer without health insurance, we (myself and wife) spent around $1000 towards medical expenses. Now with my new job, I'm eligible for FSA. With 4 months remaining can I contribute $250/month into FSA account to get reimbursed on my previously spent $1000?

Technically, you can only use an FSA to reimburse yourself for expenses you incurred while you were covered by that FSA. Accordingly, you probably cannot use the FSA to cover expenses you incurred earlier in the year before you became eligible for an FSA with your new employer.

Definitely check with an accountant before you deposit too much in your FSA, expecting to use it on past expenses.

[Rhenzanite]

Originally Posted by diorgirl

Technically, you can only use an FSA to reimburse yourself for expenses you incurred while you were covered by that FSA. Accordingly, you probably cannot use the FSA to cover expenses you incurred earlier in the year before you became eligible for an FSA with your new employer.

Definitely check with an accountant before you deposit too much in your FSA, expecting to use it on past expenses.

Agreed. Also check with your employer because the way we do it at my place of employment is you give them an amount you want to put in per year, and it's split up into months. If you were to put in $250 a month, that would be $3000 a year, which is locked in and can't really be changed as far as I know.