If you had an FSA with Sterling last year, you may be wondering how to find out how much you may have left to spend in your account, and your deadlines for spending and reimbursement. You can get this information from your Year End Statement.
To view your Year End Statement, simply log on to your FSA account and view “Statements” then select "Year End Statements." Click "Run Statement" to generate a report showing any remaining funds left to spend for 2020, and any associated deadlines for associated spending and reimbursement.
Your statement may include information on Rollover, Grace Period or Run-Out Period. Confused by those terms? Don't worry, below are the definitions.
ROLLOVER
If your plan has a rollover, you may move up to $550 of unused FSA funds to the following plan year.
The rollover doesn’t affect the following plan year’s maximum contribution amount.
GRACE PERIOD
If your FSA plan has a grace period, you have up to two-and-a-half months at the end of your plan year to spend unused FSA funds and incur new FSA eligible expenses. For example: If you had a December 31 FSA year deadline, your grace period would allow to use your FSA funds through March 15.
RUN-OUT PERIOD
If your FSA plan has a run-out period, you have an extended time at the end of the FSA plan year to submit receipts for reimbursement. You can only get reimbursed for claims incurred during the previous FSA plan year. The run-out period varies with each plan.
For more information on FSAs, visit our web site
here, and if you have any questions about your Statement, contact
Customer Service.