Flexible Spending Account “Use it or Lose It" rule changes and FSA deadline
Did you forget about your Flexible Spending Account (FSA)? As you’re prepping for the holiday season, it’s easy to overlook the upcoming FSA deadline. But, there is still time to use your leftover funds before the December 31 FSA deadline (if you have that deadline – check with your FSA administrator).
Recently, the IRS and U.S. Treasury Department made some big changes to the dreaded FSA “Use it or Lose it” rule. Employers now have several options to offer employees with an FSA: either they can allow for up to $500 to be carried over in FSA funds to the next year or they can allow for a grace period extension. The grace period gives FSA holders two and a half additional months to use their FSA after the plan year ends. But, employers can’t offer both options, and also don’t have to offer either option. Learn more on our blog about FSA “Use it or Lose it” changes. It’s best to contact your FSA administrator to find out the details of your FSA and how your plan might be affected by the changes.
FSAstore.com offers an easy solution for FSA participants. We exclusively sell FSA eligible products, and we offer free tools to help you manage your FSA. You can use your FSA for co-pays, co-insurance and deductibles the next time you go to the doctor, or you can use it toward medical products and supplies throughout the year. It’s good to estimate your expected expenses each year during open enrollment. Maybe if your life circumstances have changed (you got married, you switched jobs, or are expecting a baby), so will your FSA needs.
At FSAstore.com, you’ll be able to browse thousands of FSA eligible products including first aid kits, breast pumps, shoe inserts, hot/cold packs, blood pressure monitors and contact lens care. You can also find FSA eligible service providers for your medical needs and discover which services are eligible (LASIK, dental care, chiropractic care, etc). And, of course, our FSA Learning Center and the blog will help you with any questions you may have about your FSA. Leave a comment below if you'd like an answer to any FSA-related question.