Does Southwest offer compensation for postponed or canceled flights? The Southwest delay compensation policy states that you must be able to adhere to it in order to be eligible for reimbursement. In the event that your flight is delayed, you have the option to change or cancel your reservation. In the event that your flight is delayed and your ticket is refundable, you may receive a full refund; if not, you will receive a flight credit that can be applied to a future trip. Southwest Airlines offers for delayed flights.LUV vouchers can be used to pay for future flights on Southwest (but not for taxes and fees). The expiration date of LUV Vouchers is one year from the date of issuance. Not simply booked by that date, but also completed by that date, is the need for the scheduled flight. You will be rebooked on the next Southwest Airlines flight to your destination that has space available. Give the unused portion of the Southwest ticket a refund.