Flex Spending Accounts (FSA)
Flex spending becomes available on January 1st and will usually expire on December 31st, however depending on your provider and their policies, it may expire on March 15th.
You want to be sure to take advantage of the flex spending, because in most cases the funds in the account will not carry over into the New Year. If you do not use your flex spending funds within the allotted period, you can lose the funds. Talk to your employer about your specifics for their flex spending account policies, some let you carry up to $500 of unused funds into the New Year.
Health Spending Accounts (HSA)
Health savings is a little different from flex spending, but they are basically the same. For health savings, the money that you don’t use will roll over to the next year and never expire until they are used. You are also able to constantly gain more health savings funds throughout the year. Talk to your employer about how you are able to increase your funds.