Rollover applies to Medical FSA only.
Employees may rollover up to $500 of unused Medical FSA contributions remaining at the end of the Plan Year which can be used towards expenses incurred in the next Plan Year. Qualifying expenses incurred in the current Plan Year must be submitted for reimbursement within 120 days after the end of the Plan Year.
If an employee qualifies for rollover but has not elected to contribute to Medical FSA for the current Plan Year, a monthly administration fee of $2.25 will be applied to the rollover balance each month there is a qualifying balance.
See the Wrap Plan Document for more details about ASIFlex flexible spending accounts. Contact ASIFlex if you have any questions.
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