An FSA December 31 plan deadline reminder
It’s the season to be jolly…and to check on your Flexible Spending Account (FSA)! Some FSA plans have a year-end deadline coming up on December 31.
If your FSA funds expire on December 31 (and you’re sure you don’t have a grace period, or have the $500 carryover), then you still have time to spend down your FSA.
How do you know if your funds expire on December 31?
Contact your FSA administrator to ask about your specific plan guidelines.
- An FSA plan could end on December 31 without any extensions
- An FSA plan might have the $500 carryover option allowing you to use your FSA funds into the next year.
- An FSA plan could have a grace period, which is a 2 ½ month extension to use your remaining FSA funds.
FSA Eligible Products & Services
Did you know how many products qualify for FSA reimbursement? Your FSA funds can buy you anything from first aid kits to thermometers to knee braces to back heat wraps to reading glasses. Medical services are FSA eligible as long as they are considered “medically necessary” (i.e. to treat a medical condition). For instance, you can visit a dentist, your physician, and even service providers not covered by your regular insurance plan such as acupuncturists and chiropractors.
Shop for FSA eligible products online today. Now’s the time to check in on your FSA balance and spend down any funds you have leftover, or else you risk losing the funds.*
*You’ll only lose your funds if you have the 12/31 FSA deadline.