Changes To Your FSA Plan
What Happens During a Leave of Absence?
Everyone’s life changes now and then...when it does, make sure to change your FSA plan to fit your new situation. Change the Amount You Set Aside For Your FSA You may change the amount of money you decided to have deducted for your FSA in the case of life events such as: • You marry or divorce • You adopt a child or have a baby • There is a death in your immediate family or your adoption proceedings are not completed • One of your dependents becomes over-age • Your spouse gains or loses eligibility for a plan through their employer • Your dependent daycare costs change You must notify your employer within 30 days of any of the changes listed above. Your Human Resources department will help you complete any paperwork required to make your change. Federal regulations do not allow you to make changes for any other reason. What Happens When You Leave Your Job or Become Ineligible for the Benefit? If you leave your current place of employment or become ineligible for the plan, you may not continue to add money to the account, but you still may have a certain period of time to submit claims for services or items purchased before you became ineligible. Call Chard Snyder or ask your Human Resources department for the period of time allowed for these claims under your plan’s rules. Any money remaining in your account at the end of your runout period is lost. If you are eligible and choose to elect COBRA for your health FSA, you will be required to continue to put the same amount of money in the account every month after tax as you put in before tax while you were still working for your former employer, plus an administrative fee. Using COBRA to continue a health FSA can be a way to use the balance in your account for eligible expenses you incur following your termination.
Sometimes we need to “take a break” from our jobs, because of our own or a family member’s illness, because we’ve been called up for a tour of duty with the military, or some other reason. How it will affect your FSA depends on the reason and expected length of time for your leave of absence. Contact your Human Resources department for information on leaves of absence.
800.982.7715 www.chard-snyder.com
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CS_FSA Reference Guide v8.24
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