What are the Rules for an FSA plan?
• The choices you make have to be made prior to your effective date on the Plan. • If you do not have services rendered within the plan year that will allow you to use your spending account funds, you will lose those funds. IRS regulations allow an additional 2 ½ months to spend the funds remaining in your account if permitted by your Plan Document. Any funds left after that period will be forfeited. • There can be NO change for a Plan Year without a life-changing event. You will have the opportunity to change your elections annually, prior to each year. (Note, your Health Care FSA account can only be changed annually regardless if you have a life-changing event unless specifically permitted by your Plan Document.
