How does PayFlex know which year to apply my grace period expenses to?
• All grace period expenses will be paid out of your “prior” plan year balance automatically, thereby helping to “use up” your prior plan year balance first. Once the prior plan year balance is exhausted, the remaining claims will be applied toward the current plan year. Please note that if your grace period claims exceed your remaining 2008 balance, PayFlex will apply those claims against your 2009 balance. However, if your grace period claims fall short of your remaining 2008 balance, any remaining amount will be forfeited.
• All grace period expenses will be paid out of your prior plan year balance automatically, helping to exhaust your prior plan year balance first. Once the prior plan year balance is exhausted, the remaining claims will be applied toward the current plan year. Please note that if your grace period claims exceed your remaining 2008 balance, PayFlex will apply those claims against your 2009 balance. However, if your grace period claims fall short of your remaining 2008 balance, any funds remaining from the 2008 plan year will be forfeited.
All grace period expenses will be paid out of your prior plan year balance automatically, helping to exhaust your prior plan year balance first. Once the prior plan year balance is exhausted, the remaining claims will be applied toward the current plan year. Please note that if your grace period claims exceed your remaining 2008 balance, PayFlex will apply those claims against your 2009 balance. However, if your grace period claims fall short of your remaining 2008 balance, any funds remaining from the 2008 plan year will be forfeited. How is the Grace Period different than the Run Out period? The Run Out period is the period of time you have to file claims incurred during the plan year. The Run Out period is typically 90 days after your plan year ends. For example, your plan runs from September 1, 2008 through August 31, 2009, you would have until November 30, 2009 to file claims incurred during the plan year. The Grace Period extends the time frame you have to incur eligible expenses
Related Questions
- In a case where the expenses are capitalized and amortized over a period, whether FBT will be payable over the whole of the amount capitalized or restricted to the amount amortized during the year?
- Is there a grace period Extension for Eligible Expenses and an extended claim filing period?
- How does PayFlex know which year to apply my grace period expenses to?
