Page 17 - PriMed 2022 Benefits Guide

Keep in Mind

FSAs offer sizable tax advantages, but are subject to IRS regulations:
 All expenses for the Health Care and Dependent Care Flexible Spending Accounts must be incurred
during the plan year: January 1 through December 31.
 The IRS has a strict “Use-It or Lose-It” rule for FSAs.
o The FSA plan offers a carryover feature for your Health Care FSA plan that allows you to
carryover up to $570 of unused funds from your 2022 Health Care FSA plan into your 2023
Health Care FSA plan year. This is a 90-day run-out period ending (March 31, 2023).
o In order to receive your health care FSA carryover, you must re-enroll in the following plan
year or have a remaining balance in excess of $60. The carryover feature does not apply to
unused Dependent care FSA funds.
o Remaining balances in the Health Care FSA for the 2022 plan year in excess of $570 will be
forfeited after the plan year 90 day run-out period on March 31, 2023.
 Once you enroll in the FSA, you can only change your contribution amount if you experience a
qualified status change.
 Each account functions separately. You cannot transfer funds from one FSA to another.

Did you Know?

Many over the counter items can be covered under your Health Care FSA if you have a
prescription. Ask your doctor to write a prescription for items such as cough drops, allergy and
sinus medications, antibiotic ointments, and antacids.

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