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The clock is ticking for workers to use up the money they've saved in their flexible spending accounts. The health-care FSA permits employees to stash cash on a pretax basis into a savings account. You can take tax-free distributions as long as you're using the money for qualified medical expenses. There's an expiration date on these funds. If you contributed money in 2018, you generally have until the end of the calendar year to use it. However, the IRS has offered companies the option of allowing workers to roll over up to $500 into the next year or giving them a grace period into the new year to use the money.

People think about medical costs, but they don't think about dental and vision expenses. They can get reimbursed for those costs. Nicky Brown vice president of compliance services, WageWorks

This year, that grace period ends on March 15. If you're still sitting on the money now, you could lose it. Indeed, about 8 percent of the participants in FSA plans offered by WageWorks forfeit their funds, according to Nicky Brown, vice president of compliance services at the benefits provider. The average amount forfeited by these individuals was $172, she said. This is how you can get the biggest bang for your FSA bucks while you still have time.

Understanding your FSA

Last year, savers were allowed to cram up to $2,650 into a health-care FSA in 2018. This year, you can save up to $2,700 in this tax-advantaged account. You're more likely to find FSAs at larger employers. Last year, about 3 in 4 companies with at least 200 employees made the accounts available, according to Kaiser Family Foundation. Health-care FSAs are different from dependent-care FSAs you might also find at your employer. Dependent-care accounts allow you to save up to $5,000 on a pretax basis for child-care needs, and any leftover balances are forfeited. Talk to your human resources department to find out whether your plan grants you a grace period or whether it allows you to roll over some of your leftover cash into the next year.

Know eligible expenses

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