This could be too good to be true! The Government is working on a new rule to allow employees to finally carry over unused Flexible Spending Account balance from current year to the next instead of forfeiting the unspent money at the end of the year. Currently, all unused FSA balance at the end of the calendar year is forfeited and it causes many FSA participants to scramble in December trying to use any remaining balance. However, there are employers who provide up to 2.5 months extra to spend rest of their FSA balance, which helps. The Department of Treasury recently announced that they are working on a new rule that will allow employers to permit participants of FSA to roll over as much as $500 to the following year. Unfortunately, not all employers are required to provide this option for rollover. Continue reading
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