Get Change Of Status Form

This is crucial to remember if you're switching jobs, because unlike retirement accounts, you cannot roll the money into a new account. However, you can elect to start a new account with your new employer, even if it's within the same year. Note that your maximum contribution resets when you start a new job.

You generally must use the money in an FSA within the plan year. But your employer may offer one of two options: A grace period of up to 2.5 extra months to use the money in your FSA3. Carrying over up to $610 per year to use in the following year5.

IRS Regulations require that FSA elections for the new plan year must be made no later than the last day of the prior plan year and are irrevocable unless the employee experiences a permitted election change.

The IRS defines change in status as: Change in participant's legal marital status – including marriage, divorce, death of a spouse, legal separation, and annulment. Change in number of dependents – including birth, adoption, placement for adoption, and death.

IRS Regulations require that FSA elections for the new plan year must be made no later than the last day of the prior plan year and are irrevocable unless the employee experiences a permitted election change.

Yes, you may change your election and allotment amount (FSA contribution) as often as you want during the Open Season timeframe .

To change your FSA contributions, complete and submit a Request for Change in Status form. In most plan years, certain qualified changes in status may provide an opportunity in which you may start or stop participating, or change the amount of your FSA contribution during the plan year.

Where does the money go? Unused FSA money returns to your employer. The funds can be used towards offsetting administrative costs incurred during the plan year, employers can also reduce annual premiums in the next FSA year, or funds must be equally distributed to employees who enroll in an FSA for the next year.