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Remind employees with flexible savings accounts of looming deadlines
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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.
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