What happens to my LPFSA funds when my plan ends?
What happens to your funds depends on the “end type” of your company’s LPFSA plan:
- Up to a $500 Carryover: If your company offers an LPFSA again next year, you’ll be able to carry over up to $500of unused funds from your current LPFSA. Note that this rollover is limited only to Health Care FSAs (Limited/Full Purpose). The employer is able to designate any amount up to $500 to be rolled over.
- Use-or-Lose: You’ll lose any funds left in your FSA after your current plan ends.
Regardless of your plan’s end type, you’ll have a 90-day runout period after your FSA ends, which allows you to submit claims for any expenses you incurred during your LPFSA plan period.
Thank you for the feedback!