Flexible Spending Account Deadline Approaching

You must use all the money you contribute to an FSA during the plan year for which you made the contribution. Money left in your account after the claim deadline will be forfeited—you don’t get it back, and it doesn’t roll over. This is the IRS “use it or lose it” rule. This simply means you should carefully consider how much you contribute. Be sure you contribute enough to get the benefit, but do not contribute so much that you have a significant amount of money left over. An easy way to estimate the right amount is to review your family’s medical, vision and dental bills from this year and consider what expenses you may have for next year.

You then have until June 15, 2025 to file claims with funds associated with the Health Care, Limited Purpose and/or Dependent Care FSA. For more information, click here or contact the FSA administrator, Ameriflex at myameriflex.com.