Tips and tools to ace the claims and substantiation process

When using funds in your FSA (Flexible Spending Account), LPFSA (Limited Purpose Flexible Spending Account) or DCFSA (Dependent Care Flexible Spending Account) to pay for eligible expenses, it's important to understand two essential tasks: Filing claims and substantiating debit card transactions. Let's look at some simple things you can do to master this process.

A good place to start is to understand why we have this process. Because your account is tax-advantaged, tax regulations require proof that the funds in your account are used for qualified expenses. You may be asked to submit documents, like a detailed receipt, to validate that products and services are qualified expenses.

Next, make sure you're prepared. The following tips and tools link to additional resources that can help you navigate the process like a pro.

Tips

Use your Bank of America Health and Benefit Visa® debit card — it’s the easiest way to pay

Your card has built-in technology that can “auto substantiate” certain eligible expenses — typically without you having to submit additional information. Some of the products and services that can be auto substantiate using your health and benefit debit card include insurance co-payments on prescriptions and office visits and certain recurring payments.

Save your receipts

You have to provide an itemized receipt or Explanation of Benefits (EOB) Smart Scan from your insurance provider to document that purchases you make using funds in your account are for qualified expenses. Receipt information required.

If you don't use your debit card, file your claim electronically

It's quick and easy to file claims electronically, whether at the member website or using the Explanation of Benefits (EOB) Smart Scan feature on the MyHealth app. Learn more about filing a claim.

Be aware of deadlines for spending funds and filing claims

You'll want to check your employer's benefits information for specific details on how your plan works, or you can view the member website to find the key deadlines for your account. Check out the grace period article to learn more.

Keep an eye out for notifications that may require action

Be on the lookout for any account notifications requesting additional information and check in on your account to see if you have any required tasks. You can also choose to receive text alerts on your claim status. Go to the member website: “Message Center” > “Update Notification Preferences”

Tools

Make your life easier—get the MyHealth app

The MyHealth app is a lifesaver when it comes to staying organized. At home or on-the-go, the app makes it easy and convenient to keep track of your receipts, file claims, check the status of your claims, and keep an eye out for any actions you might need to take.

Take advantage of the Receipt Organizer

Just take a snapshot of your receipts and EOBs with your phone and then upload the images to the Receipt Organizer on the MyHealth app. This allows you to have all your health expenses in one place so you can easily access them when needed. Try to get into the habit of taking a picture of your receipts right at the time of purchase so you don’t forget or misplace the paper copies.

Learn more about debit card substantiation by watching the on-demand seminar

Watch the on-demand seminar about substantiating health account expenses—what it is, why we need to do it and how to get it done.