Money left over

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If an employee is retiring and still has money let on the FSA card, what happens to the money that is left on the card, will it go back to the employer?  

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Posted by Anonymous
Asked on May 2, 2022 5:28 pm
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Retiring employees may be able to retain their coverage for the remainder of the Plan Year when they retire under COBRA (the federal law allowing for continuation of certain group health coverages).  COBRA only applies to Health FSAs if the employee has a positive balance in their account when their employment ends (i.e. their remaining annual balance is larger than the amount of their remaining scheduled payroll contributions for the year).  

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Posted by Trey Tompkins (Questions: 0, Answers: 12)
Answered on May 2, 2022 5:56 pm