Flexible Spending Account FSA Rollover Rules Checklist

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Flexible Spending Account (FSA) Rollover Rules Checklist

• Maximum carryover amount: Up to $550 from one plan year to the next

• Eligible expenses: Qualifying medical and child care expenses that were paid or incurred during the previous plan year

• New hire eligibility: Participants can roll over unused FSA funds within 60 days of new hire

• Plan year start date: Rollover allowed from January 1 to December 31 for calendar-year plans

• Rollover application deadline: Submission deadline is typically by March 15th for the previous plan year's rollover

• Documentation requirements:

  • Participant must provide documentation of qualified expenses incurred during the prior plan year
  • Employer may request receipts, bills, or invoices to support the claim

• Tax implications: Rollover funds are subject to income tax and may impact overall tax liability

Implementing an FSA Rollover Rules Checklist can benefit your organization in several ways:

• Reduced employee stress: By having a clear understanding of rollover rules, employees will feel more confident and prepared when transitioning from one FSA to another.
• Increased employee engagement: Employees who understand their FSA benefits are more likely to participate in the program and take advantage of its tax benefits.
• Simplified administrative tasks: A checklist helps HR administrators navigate complex rollover rules, reducing the risk of errors or miscommunication.
• Compliance with regulations: By following established guidelines, your organization can ensure it remains compliant with relevant laws and regulations.
• Improved employee retention: Providing a comprehensive benefits program that includes FSA rollover options can contribute to increased job satisfaction and reduced turnover rates.

1. Eligibility
2. Deadline for Setting Up a FSA or Adding Contributions
3. Maximum Contribution Limits
4. Carryover Amounts
5. Types of Medical Expenses Allowed in an FSA
6. Receipt and Documentation Requirements
7. In-Service Withdrawal Options (if applicable)
8. Rollover to a Health Savings Account (HSA) (if applicable)