What happens with the money left in my account at the end of the plan year?

Employees have until the end of a run out period, usually 90 days past the end of the plan year, to submit claims incurred during the plan year. Employees who do not claim their elected benefits by the end of the run out period will forfeit any balance(s) in their account(s). Any remaining funds will be retained by the employer. Most employers use this money to offset the administrative costs of the plan. Check with your employer to see how long your runout period is.

Some plans offer a grace period of up to two and one half months to incur claims after the end of the plan year. Check with your employer to see if your company offers a grace period.