I blog every year about this time on the need to spend your medical flexible spending account, or FSA, money by the end of your benefits year.
For most folks, that's the end of the calendar year. That means you have just over three weeks to wipe out your FSA or lose the unspent money.
Sign in Austin optometrist office; photo by Kay Bell
Yep, as you know by now, this tax-favored workplace benefit is a use-or-lose program.
Most folks have gotten better over the years in estimating how much to put each year into their FSAs.
And some account holders have a grace period. Their employers take advantage of the IRS offer to give workers until March 15 to spend the prior year's FSA funds.
But just in case your company holds firm to the end of benefits/end of calendar year deadline, a reminder never hurts. So here it is.
Spend down your FSA funds by Dec. 31.
You'll find lots of tips on how to spend your FSA money in my blog post Flexing your medical account muscle, as well as in my Bankrate.com story Use or lose your flexible spending account.
Happy holiday medical shopping!
Related posts:
- Spend your FSA
- Tax-break relief for tax-induced headaches
- Time running out to tap FSA accounts
- March 15 is FSA deadline for some
- Midyear Tax Tip #2: Plan health care account moves
- Get ready for FSA changes: IRS issues regs
for 2011 OTC drug reimbursements
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