Flexible Spending Account Rule Changes for 2014
In response to recent changes in rules governing health care savings accounts, the University is modifying the plan to allow all participants an automatic roll over of up to $500 of their unspent Health Care Spending Account contributions from 2013 for use in 2014. This will help those that may not have had all the expenditures they had originally planned in 2013 to be able to use them to offset expenditures in 2014 instead of losing them. Here are some Highlights:
- It is still a use it or lose it plan, but with an automatic rollover feature allowing up to $500 of the unused amounts available to you in the next plan year.
- The Maximum Health Care Spending Account Limit is still $2500. Rollover amounts are added to your annual election.