LINCOLNSHIRE, Ill. – While many employees use flexible spending accounts (FSA) as a tax-free way to pay for health care and dependent care expenses, experts from Hewitt Associates, a global human resources services company, say that employees typically leave about $100 - $200¹ on the table, forfeiting FSA funds. 

The good news is that some companies have adopted the FSA grace period, allowing employees enrolled in FSAs an extra 2 ½ months to spend health care and dependent care funds left over from 2006.  With the March 15 deadline to incur FSA expenses quickly approaching, Hewitt experts are available to discuss:

• What the March 15 deadline includes and how employees can check to see if their
  employer adopted the extension
• Last minute tips for employees to avoid forfeiture and maximize their FSA funds
• Tips for making sure eligible expenses are approved; when and how to turn in spending account receipts
• Guidelines for employers considering offering FSAs and/or extending the grace period

To schedule an interview with a Hewitt spokesperson, please contact: Jennifer Frighetto, (847) 442-7663, jennifer.frighetto@hewitt.com.

Background

With more than 65 years of experience, Hewitt Associates (NYSE: HEW) is the world's foremost provider of human resources outsourcing and consulting services.  The company consults with more than 2,300 organizations and administers human resources, health care, payroll and retirement programs on behalf of more than 340 companies to millions of employees and retirees worldwide.  Located in 35 countries, Hewitt employs approximately 24,000 associates.  

Hewitt provides FSA administration services to nearly 100 Fortune 500 companies and hundreds of thousands of employees.  In 2006, Hewitt processed more than 2.2 million FSA claims via its Your Spending Account™ service.

¹Hewitt's data shows that historically, employees forfeit approximately $100 in health care spending account funds and approximately $75 in dependent care spending accounts funds.