Know the Rules
Estimate carefully. Your annual election will cover the time period from January 1, 2022, through March 15, 2023. If you are a new hire, your election will start 90 days after your date of hire. You can’t change your election during the year or stop participating unless you have a qualified status change.
Use it or lose it! You will lose any FSA money you don’t use by March 15, 2023. You have until March 31, 2023, to request reimbursement and file claims for 2022 expenses. You will forfeit any remaining amount. For your 2021 accounts, you will lose any FSA money that you don’t use by March 15, 2022. You have until March 31, 2022, to request reimbursement and file claims for 2021 expenses.
The accounts are separate. You can’t transfer money between the accounts or use the Dependent Care Spending Account to pay for health expenses for your dependents or vice versa.
Keep your receipts. Make sure you keep your receipts in case you need to verify your purchase.