If you have a flexible spending account through work, there is a decent chance you are sitting on a few hundred dollars that will vanish if you don't act soon.
Use-it-or-lose-it is the rule for most of these accounts, and the clock runs out at the end of the calendar year for many employers.
That money comes out of your paycheck before taxes, so losing it means losing money you already earned.
The tricky part is that not every employer follows the same deadline.
Some plans give you a grace period of up to two and a half months into the next year.
Others offer a carryover, which lets you roll a limited amount forward.
Many plans offer neither, and December 31 is a hard stop.
The only way to know which one applies to you is to log into your benefits portal or call your HR department and ask directly.
A quick note on the math, because this is where people get confused.
A carryover and a grace period are not the same thing.
A carryover moves unused dollars into next year's account.
A grace period gives you extra weeks to spend this year's money.
Some plans have one, some have the other, and a few have both.
If you assume you have extra time and you don't, that cash is gone for good.
Eligible expenses typically include doctor and dentist visits, prescription medications, eyeglasses and contact lenses, hearing aids, bandages, thermometers, and many over-the-counter medicines if you have a prescription or a card that works at the register.
Dental work is a popular year-end move, since a crown or a filling can absorb a balance fast.
So are new glasses, extra contacts, and a fresh supply of everyday health items.
One warning: the rules shifted a few years back.
Under the CARES Act, over-the-counter medicines and menstrual products became eligible without a prescription, but that change applies to accounts going forward, and older rules can still trip people up at some employers.
When in doubt, check your plan's eligible expense list before you buy.
Buying the wrong thing does not count, and you cannot get that money back.
If you are staring at a balance you cannot spend in time, ask HR about two things: whether your plan has a run-out period for submitting claims, and whether you can use the funds for a dependent's eligible expenses.
Some plans cover a spouse or child even if they are not on your insurance.
This is not free money, it is your money, and the system is designed so that unspent balances quietly disappear.
Take ten minutes this week, check your balance, and either spend it on something you actually need or confirm your plan's rollover rules in writing.
Final Thoughts
Ten minutes now beats losing a few hundred dollars you already paid in.