The extension options at the end of your plan term are available at the discretion of your employer and IRS regulations of your plan type.
Below are some of the term-end extensions that may be available for Lively plans, and what it means for your funds.
- Grace Period: An additional two and a half months is granted for the employees to use the funds from the prior year. After the grace period, any remaining money will be turned over to the employer.
- Carryover: Employees can carry a certain amount of unused funds, typically determined by your employer, into the next plan term. Any additional dollars above that amount will be forfeited back to the employer.
- Run-Out Period: This is the additional time, after the plan term ends, that an employee can file a claim for reimbursement for an expense that occurred in the plan year ending.
Your employer may offer some or none of these extension options. The Dashboard page in your Lively online account will indicate which extension options apply to your plan (if any), login to learn more.
For more information, please contact Lively Member Support or the Benefits Administrator at your organization.