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FSA expiration

At the end of your company’s plan year, you have 90 days to submit claims for services rendered during your previous plan year. This is called the runout period.

Additionally, your company can choose to either offer a grace period or a rollover in addition to the runout period.

Grace Period:

This is the time period after your policy ends that you are eligible to use your Health FSA funds for new expenses. This is typically 75 days.

Rollover:

This is an amount of money that can rollover from one policy year to the next as long as the employee renewed their Health FSA. The maximum and employer can allow an employee to rollover is $500.

During the 90 day runout period, if your company offers a rollover, you will be eligible to submit claims for previously rendered services and use your card for new expenses incurred.

You can check to see whether your company offers a Grace Period or Rollover in your Gusto profile by clicking into your Health FSA benefit.

 

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