How much can I put into my Medical Flexible Spending Account?

The maximum election is set by your employer. Your flexible benefits Summary Plan Description has this information.

You are eligible to receive up to your annual election at any time in the plan year, regardless of your account balance. For example, your plan year is January through December. If you elect $1,200 for your Medical Spending Account for the year and you incurred a bill for $500 on March 1, you will receive the full $500 even though you've only contributed $200 through January and February.

It's important that you be conservative in your estimate because the IRS has a "use it or lose it rule" where you lose any leftover balance at the end of the year.

Claims must be incurred during your plan year dates to be eligible for reimbursement from your Medical Spending Account. Incurred is the date you receive the services, not when you are billed or pay for the service.

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