An important deadline is coming up for a lot of people. Not the tax deadline, but the FSA deadline.
For some workers with a flexible spending account at work, the deadline to spend the money was at the end of the year, but most have a second chance, or a grace period, to do so. And that's March 15.
An FSA allows workers to put money into an account before taxes are withheld, and that money can be used to pay for eligible medical expenses. Those include:
- Child care expenses.
- Medical costs that workers pay out of their own pockets, such as a new pair of glasses, teeth cleaning or a visit to a chiropractor.
There's one option no longer available. You can't spend FSA money on over-the-counter meds, unless you have a prescription from your doctor.
But there are many other ways to spend your FSA. And March 15 is the deadline to use it or lose it.
Click here for recent changes to flexible spending accounts.