Does my Flexible Spending Account have a Grace Period?

Many Flexible Spending Account (FSA) plan years ended on December 31, 2012. However, employers sometimes offer an extension of FSA coverage through a so-called grace period. The grace period allows employees to spend down their FSA within an additional two-and-a-half month time frame.

If you’re uncertain whether your plan has a grace period, the best option is to get in touch with your FSA administrator. Your FSA provider also has information pertaining to your account balance, payments made, and claim details. You should also check your plan’s Summary Plan Description as there should be a description of the grace period included in there.

FSAstore.com offers contact information for various FSA providers. Make sure you spend any remaining funds in your FSA before your grace period ends - any money not used is lost. FSAstore.com is a great source selling over 4,000 FSA eligible products to help you avoid losing your funds. Browse categories, and save on products through special deals before your grace period expires.

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