When benefit plan rules and timelines aren’t clearly explained, employees often don’t fully understand their Flexible Spending Account (FSA) deadlines.
That’s why it’s important to educate them now about deadline extensions — such as the upcoming March 15th FSA grace period deadline — and rollover options. It can go a long way toward keeping their funds from going unused.
For many FSA users, the grace period deadline may be the last chance to use 2025 funds before they disappear, and your employees may not realize how much is at stake until it’s too late.
If you consider the fact that an average of $441 per person is forfeited each year because of missed deadlines or confusion about plan rules, it’s clear why HR teams need to help employees make the most of these accounts and avoid forfeitures by educating them about deadlines and any extensions their organizations offer, as well as how funds can be used.
Here’s how HR can help now.
Employees benefit most from FSAs and HSAs when they understand what they can purchase and how to access their remaining balance. Many are surprised to learn how broad FSA eligibility really is. Everyday needs such as over-the-counter medications, specialty skincare, infant and toddler care products, sunscreen, diagnostic tools, and telehealth options, including virtual mental health counseling, are all eligible.
Many of these are everyday products and...
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