What is the run out period? And, how does it work with the Grace Period?
A. The Run-out period is the timeframe when participants can submit claims. This usually runs 90 days after the end of the plan year. For calendar year plans adopting the 2½ month Grace Period, participants will have until March 15th to incur claims that will apply to the prior year’s elected amounts. And, they will have until March 31st to submit those claims.
