May 12, 2022
‘Under the Coverage’ Talks Reimbursement Account Rules
Discussion includes Grace Periods, Rollover, Carryover and Runout
Pro: Your employer provides a benefit plan that offers a reimbursement account and you want to participate. Con: Sometimes the rules on using health reimbursement plans can make the benefit feel less beneficial and more problematic. Who needs that? That’s why this week’s episode of “Under the Coverage,” expands on the topic of Flexible Spending Accounts (FSAs), Health Spending Accounts (HSAs), and Health Reimbursement Arrangements (HRAs) and how a plan year functions.
The latest podcast, aptly titled, “Grace Periods, Rollover, Carryover and Runout,” features our Nova colleague Jerame, who boasts more than 14 years of combined FSA/HRA administration, medical benefits and banking knowledge, coupled with 24 years of operations and process management. Jerame discusses the rules around what happens with reimbursement account funds at the end of your plan year.
“We want to make sure that we make this a true benefit and educate you to the degree that we can,” explains Jerame.
Many listeners may not realize they can carryover a certain amount of funds in their account from year to year, or that they might have a period of time during which they can continue to submit claims from the past year for reimbursement. While these rules are regulated by the IRS, employers can also select certain features, timeframes and limits around using leftover funds in these accounts. Jerame helps clarify these details.
To hear tips to help you make the most of FSAs, HRAs, and HSAs, tune into this week’s episode.
How to Listen
New episodes are added weekly and are available on SoundCloud, Stitcher, Spotify, Apple Podcasts, Google Podcasts, Amazon Music and TuneIn. You can also listen via digital assistants like Alexa, Google and Cortana. Just ask Alexa to, “play the Under the Coverage podcast on Apple Podcasts” (or wherever you get your podcasts).
Under the Coverage features people who spend their working days focused on health benefits and health care, sharing their insider tips on information they wish every health care consumer knew. Have an idea for a future episode or a question you’d like answered? Find Under the Coverage on Twitter @UndrTheCoverage or email email@example.com.