Flexible Spending Account “Use it or Lose It" rule and FSA deadline

Did you forget about your Flexible Spending Account (FSA)? As you’re prepping for the holiday season, it’s easy to overlook the upcoming FSA deadline. But, there is still time to use your leftover funds before the December 31 FSA deadline (if you have that deadline – check with your FSA administrator).

Employers now have several options to offer employees with an FSA: either they can allow for up to $640 (for plan years ending in 2024) to be carried over in FSA funds to the next year or they can allow for a grace period extension. The grace period gives FSA holders two and a half additional months to use their FSA after the plan year ends. But, employers can’t offer both options, and also don’t have to offer either option. It’s best to contact your FSA administrator to find out the details of your FSA plan and if it offers a carryover or grace period.

FSAstore.com offers an easy solution for FSA participants. We exclusively sell FSA eligible products, and we offer free tools to help you manage your FSA. You can use your FSA for co-pays, co-insurance and deductibles the next time you go to the doctor, or you can use it toward medical products and supplies throughout the year. It’s good to estimate your expected expenses each year during open enrollment. Maybe if your life circumstances have changed (you got married, you switched jobs, or are expecting a baby), so will your FSA needs.

At FSAstore.com, you’ll be able to browse thousands of FSA eligible products including OTC medicines, first aid kits, breast pumps, shoe inserts, hot/cold packs, blood pressure monitors and contact lens care. You can also find FSA eligible service providers for your medical needs and discover which services are eligible (LASIK, dental care, chiropractic care, etc). And, of course, our FSA Learning Center and the blog will help you with any questions you may have about your FSA.