If this is your first time using an FSA, be conservative in your estimate of how much you think you’re going to spend for either medical or dependent care expenses. The IRS has a “use it or lose it” rule which states that you must forfeit any FSA balances not used by the end of the plan year. If you still have a health care balance in December, move up those January appointments to the optometrist or other health care provider to incur the cost before the end of the year. You have 90 days following the end of the year to submit claims incurred in 2014 to the plan’s administrator, Healthcomp.
If this is your first time using an FSA, be conservative in your estimate of how much you think you’re going to spend for either medical or dependent care expenses. The IRS has a “use it or lose it” rule which states that you must forfeit any FSA balances not used by the end of the plan year. If you still have a health care balance in December, move up those January appointments to the optometrist or other health care provider to incur the cost before the end of the year. You have 90 days following the end of the year to submit claims incurred in 2014 to the plan’s administrator, Healthcomp.
