Will FSA rollover funds be available on my Beniversal Card?
If you have an active Beniversal Card at the time of the rollover, funds will be available on the card.
Do I have to enroll in a Medical FSA in the next plan year to access my current plan year rollover funds?
No. If you are eligible to enroll in a Medical FSA in the next plan year and decide not to, you are still eligible to rollover funds into the new year. These can be used to reimburse eligible medical expenses once the funds are available.
If I have rollover funds from the previous plan year, can I still elect the maximum tax-free Medical FSA amount as set in my plan for the current plan year?
Yes. The amount of your rollover does not affect the amount that you can elect for your current plan year Medical FSA. (e.g. If you have a maximum election limit of $2,000 and a maximum rollover of $500, you could have access to up to $2,500 for the next plan year.)
Is there a minimum Medical FSA rollover amount?
The minimum Medical FSA amount that you can rollover is designated in your Plan Highlights. Any funds that do not rollover are forfeited.
Will Dependent Care funds be allowed to roll over into subsequent plan years?
A temporary ruling from Congress has allowed employers the option to allow Dependent Care FSA to rollover from plan years ending in 2020 into 2021 and plan years ending in 2021 into 2022. Please refer to your plan highlights to determine if your employer has opted into this. If your employer has not chosen this […]
When will rollover funds be available?
Effective July 1, 2021, FSA rollover funds will be made available to plan participants two business days after the 15th of the month following the end of the prior plan year. Plan years beginning prior to July 1, 2021 will still be subject to rollover after their runout period and denial grace period have passed. […]
How is the rollover amount determined?
The rollover amount is based on the remaining Medical FSA balance; not the remaining Medical FSA election.
What is the FSA rollover option?
Notice 2013-71 modifies the use-or-lose rule to allow participants to rollover up to $500 into the next Plan Year. Note: The IRS does not require plans to include the rollover option and employers can set the rollover limit up to $500. Please refer to your Plan Highlights to see if a rollover option is available […]
