FSA: Use it or Lose it by Year End – Except…

Time is running out to spend your flexible spending account dollars. County employees have until Dec. 31 to use their FSA on approved medical expenses, for things such as office visit and prescription copays, acupuncture chiropractic visits and much more.

Now is the time to buy that new pair of eyeglasses or finish up dental work. For a complete list of eligible purchases, refer to the information compiled by ASI Flex.

But here’s where “except” comes in: IRS guidelines allow employees to carry over up to $500 into 2015. So depending how much you have in your account, you may not need to scramble to meet that year-end deadline. This only applies to employees not enrolled in a high deductible health care plan next year.

Not sure how much you have left in your flex spending account? Employees can check their account balance through ASI Flex’s website. Or smartphone users can check in an app. To download the ASI Flex app, go to Google Play or the iPhone App Store and then search for ASI Flex.