Do you know when your FSA deadline is? And what your balance? It’s always a good time to be on top of your Flexible Spending Account, but it’s even more important the closer you get to your plan year deadline. You’ll want to make sure you're taking the proper steps to maximize whatever money is left in your account — and be sure to use it by the end of your plan year. Though not every FSA plan has a December 31 deadline, many plans do, so it's important to know exactly when your deadline is to avoid losing your FSA funds.
To help, we put together a list of five steps to ensure you use every last dollar in your FSA before it's too late. Not exactly sure how to figure out your balance information or wondering about submitting claims? Contact your FSA administrator or ask your HR department at work — they should be able to answer all your FSA-related questions.
5 things to do to avoid losing your FSA funds
- Contact your administrator or HR department to find out when your FSA deadline is. A lot of plans have year-end deadlines on December 31, but every FSA plan is different and can therefore have a different spending deadline. Either way, you'll want to know exactly when your deadline is to avoid losing your hard-earned money. Some FSA plans allow for a Carryover of up to $640* from 2024 into 2025, while other plans have a Grace Period (2.5 months beyond the deadline to use remaining funds). It's best to reach out to your FSA administrator right now to see when your deadline is, and whether your plan has a deadline extension. If you are wondering who the FSA administrator is, you should consult your HR department for answers.
- Submit receipts or paperwork for FSA reimbursement. As the end of your plan year approaches, check to see if you've submitted all necessary receipts and paperwork for FSA reimbursement in time. Some plans also work with an FSA Debit Card, in which case you likely won't have to worry about submitting additional paperwork. It's generally recommended that you hold on to receipts, in case you're asked to substantiate a claim. FSA Store accepts all FSA debit cards (and also major credit cards) to make it easy for you to shop for FSA eligible products online.
- Review your remaining balance. Still have leftover FSA money? How much? If you still have remaining FSA money, you can use it for various eligible health expenses. For a better idea of which expenses are eligible, check in with your FSA administrator, or you can also browse our Eligibility List™ for eligible medical services and qualified healthcare products.
- Spend any leftover FSA dollars on eligible health essentials. You can use your pre-tax FSA funds to purchase lots of items you may not realize are eligible, such as hi-tech health products, breast pumps, bandages, hot and cold therapy packs, contact lenses, prescription eyeglasses, condoms and contraceptives, shoe inserts, and even defibrillators. Shopping for these with your pre-tax FSA money can also be used on various telehealth services (most are conveniently accessible online from the comfort of your home) or other qualified medical expenses (think doctor's visits, copays, prescription medicines, and more — see the full list here).
- Earn rewards by shopping at FSA Store. That’s right, you could be earning points with every purchase through our FSA Perks® program. You can also earn points for different sharing activities, like submitting a site review, referring a friend, sharing on social media and more — and you can use the points toward discounts for future purchases on FSAstore.com.
Using your pre-tax health dollars for everyday health essentials has many advantages. You already know that you’ll save up to 30% on every purchase*, but with a little bit of smart planning, you’ll be able to truly make the most of your FSA dollars, treat your health, and give your wallet a break.
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*Assumes pre-tax FSA contributions and average tax rate of 30%, including state, federal and FICA taxes. Savings are realized upon contributing to FSA, and not an applied savings on purchase. For illustrative purposes only. Individual earnings may vary.