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Pretax Account Best Practices

  • Updated

Below are quick tips and tricks to help make sure your Pretax accounts run smooth year round! Be sure to look at if the statement matches your account.

NOTE: The messaging has a heading per account when applicable. 

 

Funding

  • FSA
    • Your funding for the entire year will be available after your first contribution of the new year. You will be able to use the full amount immediately once funded.
  • DCFSA, HSA, Commuter
    • You'll start to see funds after the first payroll cycle of the year. Funding will come in per pay period to accrue.
    • After Forma receives the contributions, it can take 2-3 business days to reflect on the portal.
  • DCFSA
    • DCFSA funds are forfeited after the grace period, if no claims are submitted, even if you already contributed the money.
  • Please see this article to view the three ways to spend your Pretax money.

 

Reimbursement

  • You must link your bank account to receive reimbursement.
    • Be sure to check if you need to verify bank deposit or accept ToS to successfully link your bank account. A second step is required after starting the process.
  • Reimbursement can take up to two weeks after linking a bank account. This also applies to a regular reimbursement.  
  • New employees/members will receive an email to verify your address. A Forma Pretax card is sent after verification is complete.

 

Forma Card

  • FSA and DCFSA
    • Only use your card for expenses within the same year they are created. 
    • DO NOT use your card in 2025 for a 2024 expense. It will use your 2025 dollars and then create a balance due and lock your card. You will need to follow these instructions to unlock your card and account.
    • If you need to submit an expense after December 31st, please file a manual claim. Your card cannot be used for prior year expenses.
  • Existing employees already enrolled in pre-tax benefits will not need a new card. Your current card works for 3 years.

Forma Card Receipts

  • Always keep receipts regardless of the amount. Yes, even a $2.35 receipt may need uploaded.
  • Our system requires receipts on every transaction. If you do not upload a receipt, the card will be locked.
  • Sometimes a receipt from Target, CVS, Walgreens, etc with pretax eligible items will help offset your account in case of a locked card aka "balance due". These are good ones to keep for your own records, and be able to use within Forma for other reasons.
  • Make sure all receipts include all required information. If not, you will be asked for the receipt again.

 

Claims

  • BIG REMINDER::: One claim at a time per date!
    • Please submit no more than one month at a time. If you submit two months of reimbursements, your claim will be denied.
  • FSA and DCFSA
    • If you need to submit an expense during runout, please file a manual claim. Your card cannot be used.
  • Reminder, please be sure your dependents are added on the Forma Portal to ensure accurate claims processing.

 

Grace periods

Only available if your employer offers grace periods
  • FSA, LPFSA, and DCFSA
    • If your employer offers a grace period, you have an additional 75 days to incur expenses before the runout period ends. 
    • If available, you could have a February 2025 expense and be able to submit against 2024 funds.

 

Year end balances

  • If your company offers a carry over, your balances from a prior year's account will not be available or reflected in the new year's account until after the runout period.
  • Your prior year funds will not be available until around May of the following year.
    • Example, 2024 funds will not be available until May 2025 in your 2025 account.
  • Only the IRS allowed limits will be allowed to carry over. Be sure to get your claims in to use your money! 

 

If you're a new member

  • Download the Forma app for on the go claims and reimbursement!
  • You'll need to refer to your previous custodian to view runout claims and file new 2024 runout claims. You can use Forma for claims beginning 1/1/2025.
  • You will not see your carry over balance in Forma until May. This is because the transfer to Forma is not complete after the runout period. 
  • HSA transfers
    • HSA bulk transfers will be done by your employer at the end of March 2025.
    • Forma will not have information or access to your 2024 balance until the transfer is complete.
    • HSA transfers take 4-6 weeks, erroring on the side of 6 weeks. 
    • If you choose to individually transfer before your employer does it for you, you can find all instructions listed here. 

 

HSA Individual Transfers

  • HSA transfers take 4-6 weeks, erroring on the side of 6 weeks. Forma will not have any information during the transfer process.

 

To receive the best support experience

  • Forma Support is busiest during December, January, and February.
    • Response time can be up to 3 business days for all lines of communication.
    • Check your email for a response, even if you use our messenger. 
  • Please only send one message. Sending multiple messages in different ways will delay your response.
  • To better help with any possible delays, message support with your account email and full detailed questions(s). The more information the better! 

 

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