What happens if I do not spend all the
money I have set aside in my FSAs?
IRS regulations require that any remaining balance be forfeited. This is often called
the "use it or lose it" rule. Therefore, it is very important that you carefully estimate
your expenses for the upcoming year before setting up your Flexible Spending Account deposits.
The information above summarizes general employee benefit provisions. It is not
intended to specify details of any particular employer's plan, nor is it a guarantee
of benefits. Contact your benefit representative about specific details regarding
your company's employee benefit plan. |