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Flexible Spending Accounts: Understanding Plan Provisions

Flexible spending account (FSA) participants can forfeit unused funds from their Health Care FSA or Dependent Care FSA if they don’t understand their plan provisions. It is important for everyone involved in FSAs to understand which plan provisions provide time to file claims after the end of the plan year, such as runout, and when the plan includes optional features that provide more time to incur expenses, such as grace period and rollover.

To download the FSA Compliance Bulletin, please click here.

The information contained in this bulletin is intended to provide accurate and authoritative information on legislative and market news. It is distributed with the understanding that Brown & Brown is not rendering tax or legal advice. Employers should consult their attorneys or tax advisors for specific compliance information and assistance.

#FlexibleSpendingAccounts #Compliance #COVIDImplications

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