I'm thinking about signing up for it but my question is... If you don't use the money you put into it, do you loose it by the end of the year? Is there a way to get it back if the insurance is cancelled?
2006-11-05 05:34:45 · 5 answers · asked by missadrian05 2 in Business & Finance ➔ Insurance
It's use it or lose it, for sure. We do this. You have to be careful to only take out of your paycheck what you think you're going to use. If the policy is cancelled, you can STILL submit paid receipts against what's in the spending account.
If at the end of the year you still have a lot of $$ left, it's time for everyone in the house to buy new glasses!
2006-11-05 10:17:03 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
It probably depends on the plan. I know my company allows $500 to be rolled over into the next year automatically, and the rest is returned to you within your first couple of paychecks (and then taxed, of course).
If any insurance is cancelled, you have to be returned your unused premium, since it is "unearned profit" from the insurance company. It's probably the same with the FSA, or they may just let you use it up by the end of the year.
2006-11-05 19:52:19 · answer #2 · answered by jerry 5 · 0⤊ 0⤋
Yes, if you don't use it, you do lose it.
As far as getting it back if the plan is cancelled: that I'm not sure of, logically, I'd say you're entitled to it.
2006-11-06 13:20:14 · answer #3 · answered by zippythejessi 7 · 0⤊ 0⤋
bacicley with the company i work 4 if you dont use it it goes into your 401k thats really all i know
2006-11-05 13:37:38 · answer #4 · answered by Rusty 3 · 0⤊ 0⤋
Generally it's use it or lose it, for the year.
2006-11-05 14:17:34 · answer #5 · answered by Judy 7 · 1⤊ 0⤋