What do I need to prepare?

Currently, you can allocate up to $2,700 per year in an FSA. If the FSA runs on a calendar year basis, you typically have a deadline of December 31 to use your funds. If an employer gives you the option of utilizing the grace period, this is extended to March 15.

Keep in mind, grace periods aren't required to be offered so check with your employer to find out if you even have one. You may have another option of rolling over up to $500 at year end, or neither.