FSA Deadline Nears

An important deadline is coming up for a lot of people. Not the tax deadline, but the FSA deadline.For some workers with a flexible spending account at work, the deadline to spend the money was at the end of the year, but most have a second chance, or a grace period, to do so. And that's March 15. {} An FSA allows workers to put money into an account before taxes are withheld, and that money can be used to pay for eligible medical expenses. Those include:

  • Child care expenses.
  • Medical costs that workers pay out of their own pockets, such as a new pair of glasses, teeth cleaning or a visit to a chiropractor.

There's one option no longer available. You can't spend FSA money on over-the-counter meds, unless you have a prescription from your doctor.But there are many other ways to spend your FSA.{} And March 15{} is the deadline to use it or lose it.{}{}{}{} Click here for recent changes to flexible spending accounts.