Where Can I Check My FSA Balance? (Grace Period Ends Saturday)
Information for The FSA Grace Period Ending on March 15, 2014
Why Can't I Check My FSA balance via FSAstore.com?
FSAstore.com is a retailer exclusively selling FSA eligible items. We are not an FSA administrator or provider. We do not have access to any information about your Flexible Spending Account including your remaining balance, claims details, payment history or more.
Grace Period Details
If you have a Flexible Spending Account (also known as an FSA), you could have a Grace Period ending this Saturday (March 15). What does that exactly entail? Well, an FSA lets you set aside pre-tax money toward health-related expenses.
Any funds that you don't use by the end of the FSA plan year are forfeited (unless you have a Grace Period, which gives you two and a half months to still spend down your FSA). In this case, the March 15 Grace Period deadline stems from plan years ending on December 31, 2013. Depending on when your plan-year ends and if your FSA even offers a grace period, you could have a different date for your grace period. March 15 happens to be a popular grace period deadline.
Tips to Avoid Losing Your 2013 FSA Dollars
- Remaining FSA money cannot be refunded to you. Spend down any remaining funds to avoid losing them on March 15!
- Think about any expenses you've incurred since the end of last year. Make sure to submit any claims before March 15.
- Check if you have a Grace Period or a run-out period.Some FSAs have a run-out period, which is not the same as a grace period. A run-out period lets you get reimbursed for any expenses incurred during the previous plan year (so, you cannot use your FSA for any new expenses). You have until March 31 until the run-out period ends.
- Trying to figure out how to spend down your 2013 FSA? Browse covered FSA eligible expenses via our FSA Eligibility List.
IRS Changes Made in 2013
Last year, the IRS and Treasury made changes to FSAs. Employers are now allowed to offer a carryover of FSA funds (up to $500) to the next year. Not every FSA has this option. Alternatively, employers can continue providing an FSA Grace period. To find out which of the two options applies to your FSA, contact your FSA administrator this week.