How does having the grace period affect my enrollment for the new plan year?
• If you did not have the grace period in the past and did not incur enough eligible expenses by the end of your plan year, you would have forfeited any remaining balance. With the grace period, you can incur expenses for an additional 2 ½ months into the next plan year to use up your prior plan year’s balance. A grace period simply extends your plan year helping you avoid forfeiting the money you deposited into your spending account.
• The grace period has no impact on enrollment for the new plan year. However, if you know you will have a significant remaining balance from the prior year that you plan to use during the grace period, you may choose to consider this when making your new plan year election. The grace period simply extends your plan year, helping you avoid forfeiting the money you deposited into your spending account. Without a grace period, if you did not incur enough eligible expenses by the end of your plan year, you would have forfeited any remaining balance. With the grace period, you can incur expenses for an additional 2 ½ months into the next plan year to use up your prior plan year’s balance.
The grace period has no impact on enrollment for the new plan year. However, if you know you will have a significant remaining balance from the prior year that you plan to use during the grace period, you may choose to consider this when making your new plan year election. The grace period simply extends your plan year, helping you avoid forfeiting the money you deposited into your spending account. Without a grace period, if you did not incur enough eligible expenses by the end of your plan year, you would have forfeited any remaining balance. With the grace period, you can incur expenses for an additional 2 ½ months into the next plan year to use up your prior plan year’s balance. Do I have to file my claim any special way to take advantage of the grace period? No, PayFlex will automatically take care of filing your grace period claims against your prior year’s balance. All grace period expenses will be paid out of your prior plan year balance automatically, thereby helping to exhaus
Related Questions
- Can an employee enroll in the health insurance plan at any time of the year or only during the open enrollment period, which precedes the group’s anniversary date?
- Does the grace period apply if I started participating after the start of the plan year?
- How does having the grace period affect my enrollment for the new plan year?
