March 15 Could be Last Chance to Spend 2015 FSA Dollars
March 15 Could be the Last Chance to Spend 2015 Flexible Spending Account Dollars
FSAstore.com offers tips, reminders on deadlines and easy ways to spend down FSA balance
NEW YORK, February 29, 2016 – FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products, is reminding millions of Americans covered by an FSA that they may have a Grace Period to use remaining 2015 funds. For FSA plans that ended Dec. 31, 2015, the Grace Period deadline is March 15, 2016. The Grace Period provides a last chance to spend down an FSA and avoid forfeiting leftover FSA money.
According to an FSAstore.com survey, approximately 34 percent of employers offer a Grace Period, which gives individuals a two-and-a-half month extension to use FSA money from 2015. Alternatively, some FSA account holders may have a Carryover option that allows them to carry over up to $500 in FSA funds to the next plan year. An FSA may offer a Carryover or Grace Period option, but not both. An FSA may also offer neither option.
"Consumers tend to be confused about two things: deadlines and eligible expenses. Our goal is to educate people about deadlines and to make it easy and convenient for them to spend their FSA dollars on products and services that enhance their health," said Jeremy Miller, FSAstore.com founder and president. “The March 15 Grace Period is the last chance some people have to use their remaining funds, or risk losing their hard-earned money."
FSAstore.com urges consumers to contact their FSA administrator to find out if they have a deadline extension. Consumer can browse FSAstore.com's FSA Eligibility List to find products and services that can help them make the most of the remaining account balance.
FSAstore.com is the only e-commerce site exclusively stocked with FSA eligible products - eliminating the guesswork behind what is reimbursable by an FSA. Consumers with Flexible Spending Accounts can access thousands of FSA eligible products, and access much-needed information through the FSA Eligibility List and FSA Learning Center. FSAstore.com accepts all FSA and major credit cards, offers 24/7 customer service, one-to-two-day turnaround for all orders, and free shipping on orders $50+.