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flexible spending account grace period?
What is the grace period for health flexible spending accounts for 2011. Is it still till March 2012 to use or loose?
3 Answers
- Bostonian In MOLv 71 decade agoFavorite Answer
That's up to the plan. The last one that I participated in we had to have everything in by Jan 31 of the following year. My current employer's uses the debit card option and everything has to be on the card by Jan 15th.
- 1 decade ago
It depends on your employer's policy. Typically you have to spend the money in your account by the end of the year and you have a set amount of time after year-end to turn in reimbursement claims for the prior year.
In 2005, the IRS offered a 2 ½ month grace period (known as the “annual grace period” (AGP)) that employers, if they chose to do so, can use in their plans. If so, you have an additional 2 ½ months to spend your 2010 balance. (My employer does not offer the grace period.)
- Anonymous5 years ago
Some good answers already for this
