Time is running out! Don’t forget to use your flexible spending account (FSA) funds before the end of your plan year. Unused FSA funds may be forfeited if not used in time.
The FSA Deadline is Coming Up!
If your plan is based on a calendar year, you must spend down your FSA by December 31.
FSAs operate under an “Use It or Lose It”, this means that you will forfeit any money you don’t spend in a plan year.
What items are eligible?
FSA funds can cover:
- deductibles and copayments (but not insurance premiums)
- prescription medication
- over-the-counter medication
- first aid products
- some skincare products
- activity trackers
- menstrual care
- high-tech healthcare items
- and more!
Looking for what to spend your FSA funds on? Find out what products and services are eligible:
FSA StoreCarryovers and Grace Periods
If your employer offers you a carryover or grace period, you may have an option for unused funds.
Carryovers: a carryover lets you carry part of your FSA funds over from one plan year to the next. Your employer is able to offer you up to a $640 rollover (indexed annually per IRS rules, maximum IRS allows).
Grace Periods: a grace period gives you additional time past the plan year end date to spend down your FSA balance. Your employer is able to offer you up to a 2 ½ month grace period (per IRS rules).
Carryovers and Grace Periods are optional and an employer is only permitted to offer one. Review your plan’s provisions and check with your employer for additional information.
Additional information
Ready to file a claim? Our quick tutorial will show you how!
Trying to understand the difference between a Flexible Spending Account and a Health Savings Account? Click here for a video or flyer covering the two.
Visit our Frequently Asked Questions page.