Not yet a Member?
HR Magazine is highlighting the next generation of HR leaders.
Is your employee handbook ready for the New Year? With SHRM’s Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Get the HR education you need without travel expenses or time out of the office.
Join us in Chicago for the latest trends and technology in talent management, and what to expect in the future.
Remind employees with flexible savings accounts of looming deadlines
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.
Your session has expired. Please log in again before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
CA Resources at Your Fingertips
SHRM’s HR Vendor Directory contains over 3,200 companies