2023 FAQ Recommendations for End of Year Specific Questions
1. What is the deadline for using FSA or HSA funds?
- FSA: Some FSAs have a “use-it-or-lose-it” policy, meaning your funds must be spent by the end of the plan year (usually December 31st) or you will forfeit the money. Check with your benefits team to see if your FSA is subject to “use-it-or-lose-it” policy or if the plan allows a carryover of unused funds or a grace period (an extension of time to use the funds).
- HSA: If you have an HSA account, there’s nothing to worry about. Your HSA funds automatically roll over to next year!
2. Is there a grace period for spending my FSA funds after plan expiration?
- Some FSAs offer a grace period, typically up to 2 and a half months into the next year, during which participants can still use the previous year’s funds. This grace period varies but usually ends on March 15th for calendar year plans. We recommend you contact your FSA administrator or HR team to understand if your FSA plan has a grace period.
3. Can I carry over unused FSA funds to the next year?
- In many cases, FSA plans allow participants to carry over unused funds (up to $610 for 2023) into the next plan year. We recommend you contact your FSA administrator or HR team to understand if your FSA plan allows for unused funds to carry over.
4. How can I check my FSA balance?
- To check your FSA balance, use the online portal or app, contact customer service, ask your employer’s HR, and watch for email updates regarding your balance.
5. How do I submit HSA/FSA reimbursement claims?
- If you check out with Sika Health using a credit or debit card, you will receive a receipt that provides all the details you need to submit to your HSA/FSA administrator’s online portal. Check your HSA/FSA plan for specific guidelines regarding documentation.
6. Can I purchase an item before the end of the year and then return it after the new year?
- If you don’t plan to continue your FSA or your plan is subject to “use-it-or-lose-it” you should take all actions (use funds, request reimbursement, complete returns) before the plan’s deadline. be sure and return products and use the funds for other qualified expenses before the year ends. Otherwise, depending on the merchant’s return policies, you will need to carefully communicate with your plans
administrator so that funds are correctly accounted for.
- If you have an HSA account, you will still be able to return the product after the new year.
General HSA/FSA FAQ
7. Can I use my HSA/FSA for [MERCHANT] products?
- Yes! You can use your HSA/FSA dollars to purchase eligible products on our website using the Sika Health payment method. All eligible products will say “HSA/FSA Accepted” under the Product Description. When you add HSA/FSA eligible products to your cart, you can select the “Sika | Pay with HSA/FSA” payment method and follow the instructions.
8. How can I check out with Sika Health?
- To shop with your HSA/FSA, simply visit our website and browse around for items that have “HSA/FSA Accepted” on the product page. Add the item to the cart, and go to checkout.
- Enter the requested shipping and contact information, and then proceed to the payments page. Once there, select “Sika – Pay with HSA/FSA” and click “Continue with Sika.”
- Once you’re redirected to the Sika Health checkout flow, you will enter your payment information and click “Complete Purchase.” Don’t have enough funds in your HSA/FSA account to cover the purchase? Not a problem – Sika will let you split the payment across two cards.
9. What happens if I have both HSA/FSA eligible items and ineligible items in my cart?
- If you have a mixed basket of eligible and ineligible products, Sika Health makes this very easy. When you select the “Sika – Pay with HSA/FSA” payment method at checkout, your cart will automatically be split into an eligible and ineligible subtotal. You can then add a HSA/FSA card for the eligible portion and add a credit card for the ineligible portion. Sika Health will handle the rest!
10. What if I don’t have enough money in my HSA/FSA account to cover my purchase amount?
- Not to worry! Sika Health will process up to your available balance and allow you to provide a backup credit or debit card to handle the rest. Enter your card details like normal and follow the prompts from Sika Health!
11. What if I can’t find my HSA/FSA debit card? Can I still use Sika Health?
Yes! If you would like to redeem your HSA/FSA funds for a purchase on our website and you don’t have your HSA/FSA card readily available, you can choose Sika and pay with a normal credit or debit card. For eligible purchases, you will receive an email from Sika Health detailing the items and the card used in addition to a compliant receipt attached. You can submit the HSA/FSA compliant receipt to your HSA/FSA administrator to reimburse for your qualifying items.
12. My payment didn’t go through with Sika Health, why is that?
- There are a few reasons why this may happen. It’s possible your HSA/FSA card has not yet been activated, or that you are attempting to purchase ineligible products with an HSA/FSA card. Alternatively, your health plan may not follow the standard set by the industry association which provides guidance on HSA/FSA eligible products to merchants, pharmacies, and consumers. Check with your plan administrator for details. If you believe it is something other than that, please reach out to firstname.lastname@example.org.
13. When should I use my HSA/FSA dollars?
- You can use your HSA/FSA dollars all year long. However, for calendar year plans, FSA dollars usually expire at the end of the year and unused money may not rollover into the next year, depending on your plan details. Make sure to understand your plan’s rules so you can plan to spend the rest of your FSA dollars before December 31st — use it, so you don’t lose it!