It's time to use or lose flexible spending account money

Friday - 3/9/2012, 12:26pm EST

Ed Zurndorfer, registered employee benefit consultant

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Federal employees have got less than a week to use what's left in their healthcare flexible spending account. With a March 15 deadline looming, time is running out.

"Employees who had set aside part of their paycheck, as much as $5,000 into their healthcare flexible spending accounts, this was during 'open season' that occurred in November 2010, have until March 15, 2012, to use or lose the money they've set aside," said Ed Zurndorfer, a registered employee benefit consultant.

"What can this money be used for?" he asked. "Any out-of-pocket medical, dental or vision expenses."

Zurndorfer joined The Federal Drive with Tom Temin to explain how feds can use that money for healthcare costs before losing it for good.