Is there a minimum or a maximum amount allowed for carryover?
Employers can choose to allow a carryover of any amount up to $500 per participant per plan year. NueSynergy encourages employers to allow the full carryover amount.
Is there a timeframe every year for the carryover funds to be used?
No. The carryover funds can be used anytime for expenses incurred in the new plan year in addition to any new elections. If any funds remain at the end of the current plan year, up to $500 is carried over into each new plan year as long as the participant remains an active employee.
What happens to my FSA funds if I terminate or retire, can I receive my remaining balance?
No. However, you can continue to submit claims incurred prior to your termination date before the end of the run-out period (defined in your Summary Plan Description).
For example: Your plan has a 90-day run-out period following termination. Your termination date is September 13th. Your physician sees you on September 12th, but you do not receive the Explanation of Benefits from your insurance carrier until October 31st. You can still submit this expense as it was incurred prior to your termination date, and prior to the end of the 90-day run-out period following your date of termination. Any expense incurred after September 13 is not eligible.
What information is needed for my Dependent Care FSA claim?
Request for Reimbursement Form: Complete the Dependent Care section of the Request for Reimbursement Form and have your daycare provider sign and date.
– Receipt: The receipt must include the following information:
– Name, address and Tax Identification # of provider
– From/through dates of service
– Amount of charge
What is a Dependent Care FSA?
You can use pre-tax dollars to cover eligible work-related dependent care expenses for qualified dependents, or if you are married, while you and your spouse work or your spouse attends school full-time.