4 last-minute tips if you have the FSA Grace Period
Important Information for The FSA Grace Period Ending on March 15, 2015
"Can you check my Flexible Spending Account balance for me?"
Unfortunately, we cannot check that for you. FSAstore.com is a retailer for products covered by a Flexible Spending Account. You would need to contact your FSA administrator, or TPA (third-party administrator) to access any details about your FSA plan. The administrator can direct you to information about your remaining balance, claims and coverage information, and more.
Grace Period Details
If you have an FSA, you could have a Grace Period ending this weekend (March 15). What does that mean?
The Grace Period is a two-and-a-half-month extension during which you could spend down your FSA. This means, if you had an FSA plan year ending on December 31, 2014, and had a Grace Period, you'd still have time to use your FSA until March 15. Now, in this case, that's this weekend!
If you're not entirely sure if you still have money left over from 2014, or if you had the Grace Period, you can still contact your FSA administrator this Friday to find out. If you don't know the FSA administrator, you can always ask your HR representative for that information.
3 Tips to Avoid Losing Your 2014 FSA Dollars
FSA money must be used, or you lose it. FSA money cannot be refunded to you.
Think about any expenses you've incurred.Make sure to submit any claims before March 15.
Check if you have a Grace Period or a Run-Out Period. Some FSAs have a Run-Out period, which is different from a Grace Period. If you have a Run-Out period, you can get reimbursed for expenses incurred during the previous plan year (so you can't use your FSA for new expenses). The Run-Out ends on March 31.
Please note: Employers are also allowed to offer a Carryover of FSA money (up to $500) to the next year. Not every FSA has this option. Alternatively, employers can continue providing an FSA Grace period. To find out which of these two options applied to your FSA, contact your FSA administrator this week.