If your health plan offers a grace period for using 2024 flexible spending account (FSA) funds, remind your members that any remaining funds must be used by March 15, 2025. After that date, any unused money will be lost… but claims submitted before March 15 will still be covered using last year’s contributions.
It’s important to note that an FSA grace period differs from a carryover option. A grace period allows members to use their 2024 funds until the specified deadline, whereas a carryover provision let members carry over up to $660 into 2025, which can be used indefinitely. Health plans can offer either the grace period or the carryover, but not both.
A great option for members to use their remaining FSA funds is to visit FSA Store. This online market offers thousands of FSA-eligible items, from everyday necessities to more specialized products such as breast pumps, CPAP cleaning machines, and baby monitoring systems. Members can use their MedBen FSA debit card to make purchases, with no additional documentation needed.
Better still, FSA Store is offering a special grace period discount for MedBen clients. Feel free to download and share this flyer.
Members can easily check their remaining FSA balance by logging into MedBen Access online or through our mobile app, available for download on both the App Store and Google Play. You can also download the app by scanning the QR code provided.