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Health Care Flexible Spending Account Carryover

04/02/15

Author: SuperUser Account/Thursday, April 2, 2015/Categories: Bulletin News

The ADP TotalSource, Inc. Health and Welfare Plan permits worksite participants in the health care Flexible Spending Account (FSA) to carryover up to $500 of their remaining account balance as of the current Plan Year claim filing deadline (July 30, 2015). The carryover of up to $500 does not affect the maximum amount that a participant can elect to contribute in the new Plan Year. Click here for the FAQ.

 

  • Health care FSA participants who enroll in a health care FSA for the upcoming 2015-2016 Plan Year can carryover up to $500 from the current Plan Year’s contribution to the 2015-2016 Plan Year which begins June 1. The carryover amount will appear in their account balance on July 30.

  • Health care FSA participants who enroll in a health care FSA for the upcoming 2015-2016 Plan Year can carryover up to $500 remaining in their health care FSA from the current Plan Year’s contribution to the 2015-2016 Plan Year which begins June 1. The carryover amount will appear in their account balance on July 30, provided that the individual remains an eligible participant of the health care FSA. .

  • Health care FSA participants (with a carryover) who do NOT elect to enroll in a health care FSA for the 2015-2016 Plan Year will have access to their funds beginning July 31, 2015. They can use the funds as they would if they had elected to contribute to the health care FSA for any eligible medical expenses incurred during the 2015-2016 Plan Year.

 

 

Here’s how information about the health care FSA carryover will be shared with your worksite participants:

 

     April 3 - Participants will receive an email about the upcoming end of the Plan Year and how the carryover allowance may affect them

 

    Week of April 20 - Participants will receive a postcard  with details about the carryover allowance

 

   April 30 - Participants will receive a second email discussing how the carryover allowance may affect them depending on their Open Enrollment elections

 

   Week of May 18 – Participants will receive a second postcard that provide ways to find out more information, e.g., Web, etc.

 

Please contact you Human Resource Business Partner if you have any questions.​ 

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