Medical Spending Accounts
#1
Medical Spending Accounts
Does anyone know if money allocated for medical expenses (pre-tax) is lost if you don't use it up in the instance where you are hired by another company... or can you get some of it back??? Any insight would be appreciated
#2
Line Holder
Joined APC: Sep 2005
Position: A 320 CA, retired
Posts: 89
You can't get it back unless you put in a claim for expenses incurred during the time of employment. BUT (from my HR Director wife):
1. You can put in a claim for the entire amount elected. So, if you elected $1200 for the year ($100 per month) and left in January, you can put in a claim for $1200 even though you only contributed $100 (or perhaps less).
2. You can COBRA it. So, in the first example, you can elect COBRA for February, pay $102 (the 2% administrative fee) and spend $1200 in Feb.
1. You can put in a claim for the entire amount elected. So, if you elected $1200 for the year ($100 per month) and left in January, you can put in a claim for $1200 even though you only contributed $100 (or perhaps less).
2. You can COBRA it. So, in the first example, you can elect COBRA for February, pay $102 (the 2% administrative fee) and spend $1200 in Feb.
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