Get access to the exclusive HR Resources you need to succeed in 2018.
Sign up for free email newsletters and get more SHRM content delivered to your inbox.
Is your employee handbook keeping up with the changing world of work? With SHRM's Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Build competencies, establish credibility and advance your career—while earning PDCs—at SHRM Seminars in 14 cities across the U.S. this fall.
Gain the skills you need to rise to the next level in your career. Jon us at SHRM's Leadership Development Forum, October 2-3 in Boston.
Remind employees with flexible savings accounts of looming deadlines
Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry, and practices. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRM’s permission. To request permission for specific items, click on the “reuse permissions” button on the page where you find the item.
March 15 marks the annual grace period deadline for health care flexible spending accounts (FSAs)—the last day for participants in health FSA plans incorporating the optional two-and-a-half-month grace period to spend their remaining funds from last year (for plans ending Dec. 31).
In addition, if year-end health FSA plans have adopted a 90-day run-out period, all expense claims for the previous year must be filed by March. 31, regardless of whether the plan has also adopted a grace period, in order to draw on those funds prior to forfeiture.
What Participants Should Know
Since changes were introduced to FSAs by the Treasury Department in 2013, there are three options for FSA extensions that plan participants should be aware of:
Spending Tips for Leftover FSA Dollars
At the same time, employers should remind participants about the kinds of purchases that can be made with FSA dollars. For plans with a grace period, reminders should be sent prior to March 15. Communications to employees can include the following tips:
Jeremy Miller is president and founder of
FSAstore.com, an online shop for products eligible for reimbursement through a flexible spending account.
Related SHRM Articles:
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Please sign in as a SHRM member before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Get recognized as an HR expert. Earn your SHRM-CP and SHRM-SCP certification, and set yourself apart.
SHRM’s HR Vendor Directory contains over 10,000 companies