If you have a flexible spending account through work, there's a decent chance you're sitting on a few hundred dollars that will vanish if you don't spend it soon.
Most FSA plans follow the calendar year, which means the money you set aside in January has to be used by December 31 — or you forfeit it.
Unlike a 401(k) or an HSA, an FSA is a use-it-or-lose-it account.
Your employer keeps whatever you don't claim.
Here's the part that trips people up: the rules aren't identical from plan to plan.
Some employers offer a grace period that pushes the deadline into mid-March.
Others allow a carryover of a limited amount — for 2024, that's $640 — into the next year.
You won't know which bucket you're in unless you read your plan documents or call your benefits administrator.
The good news is that eligible expenses go well beyond a doctor's visit copay.
Think prescription glasses, contact lenses, and the exam itself.
Bandages, thermometers, blood pressure monitors, and first-aid kits count.
So do dental cleanings, fillings, and orthodontia payments.
Over-the-counter medications like pain relievers and allergy pills have been eligible without a prescription since 2020.
Sunscreen with an SPF of 15 or higher qualifies.
So do menstrual products, breast pumps, and acne treatments.
If you're scrambling, there are legitimate ways to use the balance without wasting it.
You can stock up on eligible items through FSA storefronts or major retailers that label qualifying products.
You can prepay for upcoming appointments or buy a year's worth of contact lenses.
Some plans let you submit receipts for care you already received but never filed.
That last one is the most overlooked — people pay out of pocket, forget to submit, and leave their own money on the table.
One caution: don't buy things you don't need just to zero out the balance.
Spending $200 on products you'll never open to protect $200 in tax-advantaged funds is a wash at best.
The smarter move is to plan for next year.
Estimate your real out-of-pocket medical costs, then contribute a little less than you think you'll spend.
It's better to leave a small amount unused than to overfund and lose it.
Also worth knowing: if you lose or change jobs, your FSA usually ends with your employment.
You generally can't take the balance with you, and depending on your plan, you may have a short window to submit claims for expenses incurred before your last day.
COBRA can sometimes extend an FSA, but the paperwork and premiums rarely make it worth it for small balances.
The deadline is real, but it's also manageable.
Log into your benefits portal today, check your balance, confirm whether you have a grace period or carryover, and make a short list of what you actually need.
A fifteen-minute review beats losing several hundred dollars to a rule most people never read.
The uncomfortable truth is that FSAs are designed around a forecast nobody can make perfectly.
You're asked to predict your family's health a year in advance, then punished if you guess high.
Final Thoughts
Use what you have, but treat next year's election as a conservative estimate rather than a wish list.