Maximizing on Tax Savings with A Flexible Spending Account

As you know, Flexible Spending Accounts are "Use-it-or-Lose-it" accounts, and the plan year deadline is quickly approaching for many FSA holders on December 31. But last year, the U.S. Treasury Department and IRS made some changes to the "Use-it-or-Lose-it" rule that make these plans more flexible by allowing employers to let their employees carry over up to $500 in unused FSA balances to the next plan year, or continue offering a Grace Period extension.

Learn more in our YouTube video:

FSA Carryover vs. Grace Period

Discovering FSA Contribution Limits

• Your FSA plan documentation will mention what the contribution limit for your specific account is. You can ask your FSA administrator or your HR department for more details as to your account as well.

Open Enrollment: Using Flexible Spending Accounts

• Considering enrolling in an FSA and want more information about using FSA accounts? Check out our post with more information about When you can Start using your FSA funds
• Do you want to change the amount you contribute to your FSA? You might be able to do so during open enrollment. Learn more about that in our Flexible Spending AccountQ&A.

Can I have a Health Savings Account and a Flexible Spending Account at the same time?

• Find out the answer in our post about these two tax-advantaged healthcare accounts.

5 Examples of Products Covered: