by daziumdesign@gmail.com | Sep 15, 2021
If year-to-date contributions exceed the amount of reimbursements and there is a remaining balance, the employee has a COBRA election available for the remainder of the plan year. If they do not elect COBRA, then expenses can only be submitted up to the end of their termination run-out period after which and funds remaining would be forfeited.
by daziumdesign@gmail.com | Sep 15, 2021
No. Any funds remaining in an individual’s current plan year FSA will be automatically rolled into the new plan year even if the employee didn’t elect to participate in a new plan year FSA. The participant now has the chance to spend up to $500 of his/her carryover money on out-of-pocket healthcare expenses in the following year.
by daziumdesign@gmail.com | Sep 15, 2021
No. In order to be considered an eligible expense, the expense must be incurred prior to your termination date. However, you may be able to continue your Health FSA coverage under COBRA.
by daziumdesign@gmail.com | Sep 15, 2021
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.
by daziumdesign@gmail.com | Sep 15, 2021
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.
