Flex Plan (HSA)

A flex fund is usually set up for out of pocket expenses. Most of the flex funds under section 125 allow for the amounts not used in the plan to roll to the administrator. So if you budget 2000.00 and only use 1500.00, 500.00 is left in the plan.

The plan is mandatory, however, the funding is up to the participant. You can fund a dollar or nothing at all. You cannot be forced to fund anything.

You can elect to have your own Health Savings account at any bank. If you fund the amount and then don't use it, it remains in the account.

If you have any questions, please feel free to pm me. I will try to help you out if I can. Just an offer to help, not to solicit for business.

I am an enrolled agent to practice before the IRS.

 

It all depends on the wording of the contract. When I worked in the accounting office, where my wife still works, their wording clearly stated that each year after the close of the plan on June 30, all proceeds left would revert to the administrator of the plan. In this case, it was our employer. You can rest assured, we the employees, made extra sure to never leave any money in the plan.

My wife still works there, they still have the plan. I no longer worry about their restrictions, since I started my own HSA. It is my money. My deductible is over 2500 each year.

If you think what they were charging for your insurance is high, the cost for her to cover a family or family member was at least double yours, like 900 four years ago.

You should be able to pm after 50 posts. If not, pm a moderator and have them forward to me if you want. They have access direct to my email which my wife checks and she can contact me on the phone.

I just don't want to see you put in a bad way.