A Flexible Spending Account plan year does not have to be based on the calendar year. The FSA plan Administrator or employer decides when the FSA plan year begins, and often aligns the FSA to match their health plan or fiscal year.
There is an “open enrollment” period once a year. That’s when you can sign up for an FSA and decide how much money to put into it for the coming plan year. Open enrollment usually takes place around the same time you sign up for your health insurance.
Often it’s from mid-November to mid-December, though the timing varies by employer. Check out our FSA Calculator to help you estimate FSA expenses during open enrollment.
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