ENJOY $25 off $250+
SITEWIDE WITH CODE PRESDAY25 | SHOP NOW
Quick answers to questions about FSA deadline extensions: Grace period vs rollover
Q: While online shopping, I got a notification about Flexible Spending Accounts and an upcoming March 15 deadline. How do I know if I have that deadline for my FSA? What does that mean for my funds? Does my money carry over to the next year?
A: It's possible that your Flexible Spending Account has one of two deadline extensions: an FSA Grace Period or an FSA Rollover (also known as a Carryover). If your FSA plan year ended on December 31, and your employer offers a grace period, then you have until March 15 to spend any remaining FSA money in your 2024 account. If your plan instead offers a rollover option, you could have been allowed to carry over up to $640 from your 2024 FSA into 2025. If you're not sure about your available FSA account balance, you should be able to log into your online account (or an app) and see your balance and other information. Alternatively, your FSA administrator should be able to provide it for you. Some administrators have online access to your FSA, and are able to check balance and claims information.
Q: Can I have a March 15 Grace Period and a Rollover?
A: Your FSA plan may offer one of these two deadline extensions, but cannot offer both a rollover option and a grace period extension. If you don't know which extension applies to your account (and please note, some plans do not offer any extension), it's best to ask your FSA administrator or HR department about the details and structure of your plan. Generally speaking, if you don't use the FSA money in your account by the end of your plan year — or if your FSA offers a rollover but you have more than $640 unspent by the end of the year — the money is forfeited back to your employer.
Q: I have a few remaining claims to file from my previous year plan. Do I still have time to do that?
A: If your FSA offers a run-out period, you'll typically have 90 days after the end of your plan to submit requests for reimbursement for expenses incurred during the prior plan year.
Need some additional answers about coverage and claims filing? Ask your FSA administrator, check in with your HR department, or you can always visit our Learning Center™ for more information.
Need ideas about how to use remaining FSA dollars? Check out our FSA Eligibility List™ — the most-comprehensive eligibility list available on the web. From A to Z, find items and services deemed eligible for tax-free spending with your FSA, complete with details and requirements. But don’t worry — everything at FSA Store is 100% guaranteed FSA eligible:
Thank you for visiting the FSA Store Learning Center™. Don’t forget to follow us for more helpful tips on Facebook, Instagram, and X (formerly Twitter).
