March is here and for those of you who still have a balance in your 2009 flexible spending account (FSA); keep in mind it’s use-it or lose-it. If your employer provided the 2 1/2 months grace period (e.g. March 15th), then you may have a little more time to incur the qualifying expenses.
No one enjoys losing money, so consider these tips to help you use-it:
- Be aware of how your employer’s plan works:
- Understand what qualifies as an expense (e.g. doctor’s visit co-pay, daycare expenses) and the plan period in which the expense must be incurred (e.g. period January 1st, 2009 – December 31st, 2009). Note: Some employer’s provide a 2 1/2 months grace period
- Save your receipts for qualifying expenses
- Follow the process to submit qualifying expenses by the specified submission deadline for reimbursement [Read more…]