To All Flexible Medical Spending Participants of 2012, you have to the March 15, 2013 deadline for incurring medical, dental and vision expenses for any 2012 FSA remaining funds. You will then have until March 31, 2013 to request reimbursement of those funds.
You may reduce your salary by an amount ranging from $300 to $2,500 per year and apply that same amount instead, on a pretax basis, to a medical spending account in your name. You may then use those dollars to cover the cost of medical, dental, and related expenses that are not otherwise paid by your other insurance. For example, this program allows you to submit your healthcare & dental plan deductibles and qualifying out-of-pocket medical & dental expenses that fall outside your plans’ coverage. You may enroll at the time of hire or during the annual Benefits Open Enrollment period. Discovery Benefits administers Flexible Spending Account claims.
Note: Setting up a Medical FSA can save you substantial tax dollars on predictable medical costs. However, be careful how you plan and use this benefit. Any unspent funds left in the account after the end of the plan year must be forfeited.