In November 2013 we announced that MCC has elected to implement the new Flexible Spending Account Rollover for the 2013 plan year. This means that employees who had a Flex Spending Account in 2013 will be permitted to roll up to $500 into the 2014 plan year rather than forfeit these unused amounts as was the case in previous years.
Please see below how this will work for 2013 into 2014 and in the future:
How the Rollover will work this year
Ø During the run-out period for your plan (120 days after plan year end), EBS-RMSCO will manage the balance remaining as of December 31, 2013 and will use it to reimburse any 2013 expenses that you have not previously submitted for reimbursement.
Ø At the conclusion of the run-out period (April 30, 2014), EBS-RMSCO will rollover any remaining amounts, up to $500, to your existing 2014 account or create a 2014 account for you if you did not enroll for the 2014 plan year
Ø Once your rollover has been posted to your 2014 account, those funds will be available to reimburse you for expenses incurred during 2014
Ø If you have a 2014 expense incurred during the run-out period that exceeds your 2014 medical spending account election, you will receive reimburse up to the amount elected for 2014. Once any rollover balance has been posted to the 2014 account, the unpaid amount may be resubmitted for payment. Call EBS-RMSCO Customer Service to initiate this process at 800-327-7130.
Ø The 2013 balance remaining after the run-out period that exceeds the maximum rollover amount will be forfeited
How the Rollover will work for 2015 and future years
Ø Your rollover will be posted to your 2015 account on the first day of the plan year. Those funds will be available to reimburse you for expenses incurred during 2014 and 2015
Ø The system will maximize claims payout regardless of the order that the claims are submitted