Do I Have the March 31 FSA Run Out Deadline?
Since you have a Flexible Spending Account (FSA), you likely hear about upcoming deadlines throughout your plan year. Whether that's a plan-year deadline (by which you must use your FSA money, or risk losing it), or a Grace Period ending, or even a Run-Out Period.
Forbes published an article explaining what today's deadline - March 31 - means for Flexible Spending Account holders. It provides a detailed explanation of what the run-out period deadline means.
If you quickly want to know what you can do, here's our tip:
Check with your FSA administrator if you have the Run-Out Period deadline. Most Flexible Spending Accounts offer a Run-Out Period.
What is the Run-Out Period? This is an extended period of time (3 months following the end of your plan year) to be reimbursed for any expenses incurred during the prior plan year.
Remember these two details:
1. You cannot incur new expenses to be reimbursed.
2. Submit old receipts for expenses from 2017 to still get reimbursed.