Is Your FSA Grace Period Deadline Soon?
The New York Times published an article today, A Flexible Spending Account Deadline May be Near, reminding those who have a Flexible Spending Account Grace Period Deadline that the deadline may be approaching for them.In fact, for anyone with an FSA plan year ending on December 31, that FSA grace period deadline would be on March 15.Those who have the March 15 Grace Perioddeadline would need touse leftover FSA dollars, before it's too late.
FSA plan year deadlines and applicable extensions, including a Grace Period or $500 Carryover, depend on the employer and how the company's plan is structured. FSA plans can have a Grace Period or a Carryover, but not both at the same time. If you're confused or aren't sure which deadline your plan has - or if you have a deadline extension - it's best to reach out to your FSA administrator or ask your HR department at work for more details. There are still a few days left until March 15, but it's best to check in soon about remaining balances, and filing for reimbursement, before it's too late.
According to Carrns when discussing FSA eligibility with FSAstore.com founder and president, Jeremy Miller, she writes, "If you do have a balance to spend, a range of items qualify for purchase. In addition to staples like contact lenses and solution, breast pumps and knee braces, high-tech items are popular purchases, Mr. Miller said. These include smartphone-enabled blood pressure monitors, as well as electrotherapy devices, which are used to ease pain through electrical impulses."
You can read the full New York Times article about the upcoming FSA deadline here.
Have an FSAGrace Period deadline on March? Contact your FSA benefits administrator to find out your remaining balance (sometimes that information is also accessible online), shop for everyday FSA-eligible products at FSAstore.com including our updates Bundles and more!