Moceri Minute

Now is the time to spend down your FSA. 

If you have a tax-favored medical flexible spending account, now is the time to check that balance and submit all of your qualifying medical expenses for reimbursement. This is a great tax benefit; however, this workplace benefit has one big drawback, it is a use-or-lose proposition. Most companies require you to use up FSA money by the end of the benefit year, which is usually December 31, if you don’t use the funds, your company gets to keep the unused funds. Some companies allow a grace period until March 15, and some allow you to roll over some of the funds, make sure you are aware of your plan rules.

Call us if you have any questions!