FSA money use-by date
When do I have to use the FSA money, and what happens if I don’t use the whole amount?
The FSA amounts are based on the calendar year, which runs from January through December. If you have up to $550 in unused funds in your account, that money will rollover into the new year.
You must sign up within 30 days of employment or during the open enrollment period each year for a January 1st start date.
You decide the amount to be deducted from your pay up to the maximum. As mentioned above, you are allowed to rollover unused funds in your FSA up to $550 per year.
If you sign up mid-year as a new employee, keep in mind that you may need to pro-rate amounts.