Flexible Spending Accounts

There are certain federal regulations governing Flexible Spending Accounts of which you should be aware. Once you make your spending account election for a calendar year, you cannot change it (unless you have a qualifying event). You are required to use all of the money in your account during the period of the plan year for which you enrolled, plus a 2½ month grace period. If you do not use all of the money in your account by the end of the grace period, the balance will be forfeited.