Estimating your annual out-of-pocket amount of medical, dental and vision and/or daycare expenses will be important, as FSAs operate under the “use it or lose it” IRS rule. SPS has a grace period of 70 days in which you can continue to utilize the previous year’s funds. All claims must be submitted by day 90 in the new year.  Funds that are not claimed during that frame time are forfeited. The plan year is January 1 through December 31 and you have until March 15 to incur claims and would have to file the claims no later than March 30.  

The TASC card allows employees who participate in a pre-tax medical flexible spending account to use it to pay for qualifying medical expenses. Employees participating in the FSA will be charged a $3.00 per month administration fee by TASC regardless of use.