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Plan Year. Only expenses
incurred during the plan year are
reimbursable (though payment of these
expenses can be carried over for a short
time.) |
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Separate Accounts.
Un-reimbursed medical expenses and dependent
care expenses are treated as separate
accounts. The IRS does not allow employees
to transfer money between those accounts. |
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Family Status Changes. Once
you make your decisions on how much you
redirect into your spending accounts, this
cannot change… except for changes
in your family status which include:
Marriage, divorce, death of a spouse or
child, birth or adoption of a child, or
change in your spouse’s employment status
from full-time to part-time or vise versa. |
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Forfeiture of Unused Balance.
If expenses you incur for the Plan Year are
less than your contributions for that same
Plan Year, you will forfeit the unused
balance. With wise and conservative planning
most participants do not forfeit any money. |