Flexible spending account holders may only have a few more weeks to use their 2011 FSA funds for medical expenses.

The IRS allows employers to offer a grace period until March 15 after the end of a plan year. That grace period extends the time in which FSA users can incur eligible medical expenses that can be paid for using pre-tax money that was put into the account during the elected 12-month plan period.

Grace period expenses are paid out from the prior year's FSA balance.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.