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Can I keep the money that I don’t use during the year?

Your company’s plan has a specific “Use-It-or-Lose-It” rule for any funds remaining in your account. There are three different rules and your employer must choose one: 1) under the original Use-it-or-Lose-It rule, you lose—or forfeit—any funds you have not used by the end of the plan year; 2) a recent rule change gives your employer the option to allow you to carry over up to $500 of your unused medical FSA funds into the new plan year; or 3) your employer may offer up to 2 ½ months in the new plan year to incur and submit claims against your remaining account balance. With any of these options, your plan may also offer additional time after the plan year is over to submit your final claims for that year. Check your open enrollment or benefit materials, your company’s Human Resources website, or your Summary Plan Description to find out which rule applies to your company’s plan.

To help avoid losing leftover funds, estimate your annual health care expenses to determine the right contribution amount. You can track your FSA spending on your member website, which may help you estimate even more accurately next year.

 

 
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How does an HRA work? Advantages of an HRA How you can use