Holiday gifts are not the only thing Americans should rush to buy amid the holiday fray: For many, Dec. 31 marks the last day to use up any remaining FSA funds.
Flexible spending accounts, or FSAs, require account holders to spend the money saved in their account each year on healthcare services, prescriptions and wellness products. Unspent funds do not roll over; you use it or lose it. The most common deadline is Dec. 31, but some employers offer a grace period, extending the deadline to March 15. FSA users should check with their employer or plan administrator to confirm the date before they start spending, says Susan Elliott-Bocassi, SVP of operations for health E-commerce at FSA Store, an online store that carries over 2,500 guaranteed FSA-eligible products.
