Question of the Week

Posted by BAS - 20 October, 2022

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Q.- For the past few years, my health care and dependent care flexible spending account plans allowed me to carry over all of my unused amounts to the next plan year. They said this was to help with problems using funds due to COVID. Will my plan allow me to carry all my unused money into 2023?

A.- Check the terms of your plans. For the past few years, the government allowed flexible spending account plans to implement changes to help employees handle the impact of the COVID-19 pandemic. Many of these temporary FSA provisions have expired. FSAs are no longer permitted to have both a carryover and a grace period. Carryover amounts for a health FSA are now limited to a maximum of $610 for the 2023 plan year, if the employee participates in the health FSA in the 2023 plan year. The carryover provision for dependent care FSAs have been removed.

Topics: Dependent Day Care FSA, Healthcare FSA, Covid, coronavirus resources


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