Better Late Than Never

It is a well known fact that a good percentage of employees do not chose to participate in Flexible Spending Accounts because they are afraid they may lose the pre-tax dollars they put aside come the end of the year. Well rest easy -  each year the health system gives its FSA participants a three month grace period for their healthcare account. This gives you the opportunity to spend what's leftover in 2013 rather than losing it in 2014.

Use It or Lose It Rule
For those organizations that do not offer such a generous grace period - the U.S. Treasury recently announced a modification to its "Use It or Lose It" ruling. This modification now allows participants to rollover $500 of unused dollars into 2014. Keep in mind, This rollover does not pertain to North Shore-LIJ Flex Spending participants due to the grace period already in place.

North Shore-LIJ Grace Period
The health system's generous 3 month grace period allows you to deplete your account in its entirety and does not limit you to only $500. This extension gives you the opportunity to purchase most eye-related products, orthopedic and surgical supports, blood pressure monitors, dentures and so much more.
So go ahead and be consumer savvy - put aside those pre-tax dollars during 2014's Open Enrollment, you've got nothing to lose!

Healthcare FSAs allow you to set aside a minimum of $150 and a maximum of $2,500 per year to pay for expenses not covered in your medical plan, such as co-pays and other out-of-pocket costs. This account will come to you in the form of a Debit card giving you convenient access to your funds.
Dependent Care FSAs allow you to set aside a minimum of $150 and maximum of $5,000 per year to pay for dependent care expenses for children under the age of 13, disabled adults or elder care.