Do You Still Have Money in Your Pre-Tax Expense Account?	Print Issue
May 26, 2009, Volume 55, No. 34

If you have an unused balance in your Pre-Tax Expense Accounts (Health Care or Dependent Care), you should keep some important dates in mind. Due to an IRS regulation known as “Use It or Lose It,” if you don’t use the full balance in your account each plan year, you lose that unused money. 

Penn’s plan year runs from July 1–June 30 of each year. The money you contribute to the Pre-Tax Expense Accounts during each plan year can only be used for expenses incurred within certain dates (see tables below).  Keep in mind that the expenses must be incurred while you are actively participating in the accounts.

Visit the Human Resources website at www.hr.upenn.edu/benefits/pretax for more information on the Pre-Tax Expense Accounts including listings of eligible expenses and instructions on how to file a claim. You can also call the Penn Benefits Center at 1-888-PENNBEN (1-888-736-6236), Monday through Friday, 8 a.m.–6 p.m.

Contributions during Current Plan Year (July 1, 2008–June 30, 2009)

Contributions during New Plan Year (July 1, 2009–June 30, 2010)

Related: HR: Upcoming Programs