Health Care FSA Carryover FAQ
For the 2024-25 plan year, Health Care Flexible Spending Account (FSA) participants can carryover up to $640 of remaining FSA funds into the next plan year (2025-26); provided they are a CMU employee on July 1 of the next year. This valuable feature gives participants the flexibility to spend their Health Care FSA funds at a future date and reduces the likelihood that their unused funds will be forfeited. This is an increase from the $610 limit for the 2023-24 plan year.
The carryover funds do not count against the annual contribution maximum, the cumulative carryover balance from year to year cannot exceed $640. Remaining Health Care FSA funds will automatically be carried over, as long as the balance is $25 or greater. If the balance is below $25, funds will not automatically carryover and will only be accessible during the run-out period. After the run-out period, any remaining balance will be forfeited.
Reminder: Dependent Care FSA funds do not carryover and the deadline to submit dependent care expenses is September 30.
Who is eligible for the carryover?
Active, benefit-eligible employees with a Health Care FSA who have unused funds in their accounts after the
run-out period (September 30) will be eligible for the carryover.
How much can/will be carried-over?
Unused Health Care FSA funds from the 2024-25 plan year, up to $640, can carry over into the next plan year as long as there is a minimum balance of $25. No action is required on your part.
Can I use my FSA debit card to access rollover funds?
Yes. Once the 2024-25 run-out period is completed, up to $640 will roll into your current benefit year balance where you can access the funds with your WEX Benefits Card.
What if I still have expenses to claim from the previous plan year?
Claims for expenses incurred in the prior plan year must be submitted to WEX before the plan’s claim filing
deadline (September 30).
Can I submit claims for the prior plan year after the run-out period (September 30) for reimbursement from the money that carried-over?
No. After September 30, the carryover funds can only be used for eligible expenses incurred during the current plan year (July 1 – June 30), not expenses from the prior plan year.
How is the carryover amount calculated?
The carryover amount is determined after all eligible expenses have been reimbursed for that plan year (at the conclusion of the run-out period, September 30). The amount carried over for a plan year is equal to the amount remaining in the participant’s Health Care FSA after September 30 (a minimum of $25, up to a maximum of $640 from the 2024-25 plan year). Balances under $25 and over $640 will be forfeited.
Does the carryover amount affect the maximum election I can make for the upcoming plan year?
No. The amount that carryovers to the next plan year does not count toward the Health Care FSA contribution limit for that plan year.
If I do not elect a Health Care FSA for next plan year, will the unused funds carryover?
Yes. Unused funds of at least $25 from the 2024-25 plan year but no more than $640 will be carried over, even if you do not elect a Health Care FSA for next plan year.
Can my carryover funds continue to rollover from plan year to plan year?
Yes. But you must have at least $25 remaining in your Health Care FSA after the run-out-period to be able to
carryover funds to the next plan year. Funds under $25 are forfeited.
Does my carryover Health Care FSA impact my eligibility to participate in a health savings account (HSA)?
Participants in a general purpose health FSA are not eligible to contribute to an HSA. However, if you elect a
qualifying high deductible health plan through the university, unused funds of at least $25 from the 2024-25 plan year but not more than $640 will be carried-over into a limited-purpose health FSA to preserve your HSA eligibility.
How do I know how much is in my FSA account?
Visit your online FSA portal at benefitslogin.wexhealth.com to view account activity and current
balance for the plan year. You can also call WEX at 866-451-3399 or contact them at
customerservice@wexhealth.com.
It's a good idea to know your account balance before you make a purchase with your debit card.
What if I have an expense that is more than the amount left in my account?
By checking your account balance often, you will have a good idea of how much is available. When incurring an expense that is greater than what is remaining in your account, you can split the cost at the register. For example, tell the clerk you wish to use your FSA debit card for the exact amount left in your account and then pay for the remaining balance separately. Alternatively, you may submit the qualified transaction manually via a claim form with the appropriate documentation to the WEX.
What happens to the carryover if I leave the university or retire?
If you leave the university mid-plan year, you are not eligible to receive carryover funds. However, you have a 90-day run-out period (from the date of termination of employment or eligibility) to submit claims within the dates of services for which you were eligible for
reimbursement.