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(Yep, these are FSA-eligible. Get more tips below.)

The End of “Use-it-or-lose-it”

irsThe IRS issued a notice back in 2013, modifying the longstanding “use-or-lose” rule for FSAs. It’s 2015, and I bet many FSA users still aren’t aware of this change! So this is a reminder for all:

If your employer allows it (it’s up to them to enable this option on your plan), participants now can carry over up to $500 of their unused balances remaining at the end of a plan year! Translation: There is now more reason than ever to use an FSA to save money since some of the risk is relieved. Mainly, the deadline to use up your balance in your FSA account.

Check with your employer and FSA administrator! The intention is to make FSAs more consumer-friendly and provide added flexibility.

I Repeat: The removal of the “Use-it-or-lose-it” rule changes the game completely. There is now hardly any reason NOT to use the FSA offered by your employer. Check if this applies with your employer today!

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