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All the money set aside in an FSA generally must be used by the plan year's end. However, a plan can offer a grace period of up to two-and-a-half months to finish using that funding.
When the year ends or the grace period expires, any funds that remain in the FSA are lost. Thus, your employees should carefully calibrate the amount of money they plan to put into the FSA account and how they intend to spend it over the course of the year.
Setting up an account is another employee perk that will keep existing staff in the company's favor and help attract top talent later. Although these employer benefit plans can sometimes be confusing, we can help plan this better for you and your organization. Connect with us to know more!
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This is a proprietary website and is not associated, endorsed or authorized by the Social Security Administration, the Department of Health and Human Services or the Center for Medicare and Medicaid Services. This site contains decision-support content and information about Medicare, services related to Medicare and services for people with Medicare. If you would like to find more information about the Medicare program please visit the Official U.S. Government Site for People with Medicare located at http://www.medicare.gov