If you have a flexible spending account through your job, there is probably money sitting in it right now that you have not touched.
And depending on your employer's rules, some of that cash could vanish at the end of the year.
Here is the part that catches people off guard: the deadline is not always December 31.
An FSA lets you set aside pre-tax dollars from each paycheck to pay for things like doctor visits, prescriptions, glasses, dental work, and even some over-the-counter items.
The trade-off is that these accounts are "use it or lose it" in most cases.
Unlike a 401(k) or a bank account, the money does not just roll over year after year.
The good news is that many employers offer a grace period, typically until March 15, letting you spend last year's leftover funds in the early months of the new year.
Others use a carryover rule, which lets you roll a limited amount forward.
The exact dollar figure shifts with inflation, so it is worth checking your plan's current number rather than assuming last year's amount still applies.
Grace periods and carryovers are not required by law.
Your employer chooses whether to offer one, and some offer neither.
That means two coworkers at different companies can face completely different deadlines for the same type of account.
The only way to know yours is to read your plan documents or call your benefits administrator directly.
A simple move: log into your FSA portal this week and look at your remaining balance.
If there is a meaningful amount left, start listing expenses you already have.
Copays, contact lenses, therapy sessions, bandages, sunscreen, and menstrual products are commonly eligible.
Many stores label FSA-eligible items right on the shelf or website, which takes the guesswork out of it.
A service counts for the year it was provided, not the year you pay the bill.
So a December dentist visit you pay for in January still generally counts toward the earlier plan year.
Keep your receipts and itemized statements, because you may need to submit them for reimbursement rather than using a swipe card.
If you are staring down a balance you cannot spend in time, check whether your plan allows an online store for eligible products.
Some administrators run one, and it can be a fast way to use up smaller leftover amounts on items you will actually use.
Just avoid buying things you do not need simply to beat a deadline.
One more thing worth doing: recalculate your contribution for next year.
If you routinely leave money behind, you are probably withholding too much.
Dropping your election by a few hundred dollars can put real cash back in your paycheck each month.
The bottom line is that an FSA deadline is not a single national date.
It is a detail buried in your specific plan, and nobody is going to call you about it.
Final Thoughts
Spend ten minutes checking your balance and your rules now, because the money was already yours, and losing it to a missed formality is the most avoidable financial hit of the year.