March 15. Why is this particular date important? Well, if you have a Flexible Spending Account (FSA) and your plan year ran until December 31, 2014, you might still be able to use your 2014 money for a variety of FSA-eligible expenses.
FSA rules have changed a bit since 2013. The U.S. Treasury Department made some changes to the “Use it or Lose it” rule, which allowed employers to give people more options to spend down and use their FSA.
FSA plans could have:
1. A Grace Period - a two-and-a-half-month extension to use your remaining FSA dollars from 2014. In this case, you would have a March 15 deadline if your plan has the Grace Period extension.
2. A Carryover - allowing you to roll over up to $500 in remaining FSA money for use in the new plan year.
*Note: Your Plan cannot offer both extensions. It will either have a Grace Period or a Carryover, or neither (though this is rare).
Think you have this extension? Check in with your FSA administrator, and shop our selection of FSA eligible products!