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Rollover

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New IRS rules now allow members to rollover up to $500 of Medical Flexible Spending contributions from one year to another.

Timeline

  • Money left over from 2015 is held until April 30, 2016 to pay 2015 expenses.
  • Any money left over after 2015 claims are paid will automatically roll over.
  • You will be able to use your rollover funds for 2016 expenses starting mid-May to early June once all 2015 claims have been processed. 

Maximum

  • $500 on top of the maximum annual Flex election of $2,550/employee.

Minimum

  • In order for money to carryover, a member must either:
    • Elect at least $120 for 2015 flexible spending or
    • Have at least $120 leftover from 2015 Medical FSA April 30, 2016.

Rollover Examples

Elect for 2016

Leftover from 2015

What happens

$0

$50

Money does not rollover because it is less than the $120 minimum.

$0

$120

Money rolls over and is available to pay 2015 expenses after all 2014 expenses have been paid (sometime between mid-May and early June).

$120

$50

$120 will be available the 2nd paycheck of January.  $50 will rollover and be available to pay 2015 expenses after all 2014 expenses have been paid (sometime between mid-May and early June).

$2,500

$500

This is the maximum a member could have in a given year.  $2,500 will be available the 2nd paycheck of January.  The other $500 will rollover and be available to pay 2015 expenses after all 2014 expenses have been paid (sometime between mid-May and early June).

$1,300

$0

$1,300 will be available the 2nd paycheck of January.