FSA participants can risk losing their contributions if they do not incur eligible expenses within a set time period. This period consists of the flexible spending account plan year and may include an optional grace period. In certain situations, up to $500 of unused funds may be carried over into the next plan year.
To help employees avoid forfeiting amounts in their FSA, BAS sends quarterly reminder notices to FSA participants. These notices encourage busy employees to review their FSA balance(s) and submit any outstanding claims before the deadline.
Notices are typically distributed via email. If an employee’s email address is not stored in MyEnroll.com, the notice can be mailed to his or her home address for an added fee.
Quarterly reminder notices are just one of the many ways that BAS makes it easy for employees to stay on top of their FSAs. To learn more about how your employees can manage their FSAs in MyEnroll.com, please click here. You can also contact your Account Manager or email info@BASusa.com.