Because the Medical Flexible Spending Account gives you a unique opportunity to reduce
your taxable income, the IRS has imposed some restrictions.
Any money left over in your account after the
last day on which you can request a reimbursement will be forfeited.
In other words, you must “use it or lose it.”
You have until the following March 31 to submit bills for a prior year’s
expense.
The amount you elect to contribute to the Medical Flexible Spending Account is in
place for the entire calendar year - unless you experience a “Change in Status”
that would permit you to change your election (refer to the section titled “Make
Your Flexible Benefits Plan Selections Carefully - Change in Status Rules” in
the Flexible Benefits Plan Summary for more details).
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