Workers Forfeited $7.2 Billion of FSA Money in 2019 & 2020

[Axtremus]

https://money.com/fsa-contributions-workers-forfeit-money/

“Flexible spending account (FSA) holders forfeited an estimated total of $7.2 billion in 2019 and 2020, a much higher amount than previously estimated, according to new data obtained and exclusively analyzed by Money.”

The forfeited FSA money goes to the employers, according to that article.

[Horace]

My FSA rolls over indefinitely.

[Axtremus]

@Horace said in Workers Forfeited $7.2 Billion of FSA Money in 2019 & 2020:

My FSA rolls over indefinitely.

HSA or FSA?
HSA you get to keep forever, but SFA is "use it or lose it" on an annual basis by law.

[Horace]

Right HSA. I don’t think I have an FSA.

[Jolly]

You don't lose it if you budget effectively and use the grace period correctly. I never left a dime on the table...

[Mik]

Neither did we. There was a year we both bought new glasses at the end the year. We are almost out of HSA territory when MFR goes on Medicare later this year, but her company's benefits included a Retired Medical Savings Account (RMSA) with matching funds and we plowed a lot into that. It was crucial for COBRA etc. when we both retired early. Now we still have quite a bit of coin. if you have that benefit, max it out.

[Jolly]

Wise move.