Spend Your FSA Funds ASAP: The FSA Grace Period Ends March 15th

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Spend Your FSA Funds ASAP: The FSA Grace Period Ends March 15th
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Don't let your FSA funds go to waste.

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Written by Nancy Kirk

March 6, 2024

Don’t miss out on unused funds in your Flexible Spending Account (FSA)! The last day of your 2023 grace period likely ends on March 15. You can use your funds on Lofta’s sleep apnea devices. If you're wondering what this means for you and your healthcare expenses, let's dive in.  

At Lofta, we understand the importance of maximizing your FSA dollars. That's why we want to highlight the grace period offered after the end of the year. It's important to know that instead of losing all your funds at the year's end, FSA account holders have a 2.5-month grace period. You must "use or lose'' your FSA dollars before March 15! 

FSA Terms and What They Mean

You should familiarize yourself with terms like grace period, run-out, and carryover and what they mean regarding your benefits. Here's an overview of their definitions: 

Grace Period: 

If your employer offers a grace period, you will have extra time beyond the plan year's end to use your remaining FSA balance. Typically, you can use these funds for eligible expenses until March 15 of the new year, which is coming up quickly! This extension can be a lifesaver if you find yourself with unspent funds at the end of the year. Not sure what to buy? Consider browsing our CPAP Cleaning Supplies. 

Run-out Period:

The run-out period offers additional time to file claims for expenses you incurred during the previous year. The run-out period is different from the grace period because it's related to what you've already spent. This period usually extends until March 31 of the following year. Take advantage of this window to ensure you don't forfeit unused funds.


Some employers offer a combination of a run-out period and carryover. This means you not only have extra time to file claims but also have the option to carry over a portion of your unused funds into the following year, typically up to $610. 

Understand Your Specific FSA Account Rules 

Not every account holder has the same grace period or carryover rules. Check out the specifics of your plan on the member website to find your specific essential dates and deadlines.  

Make the Most of Your FSA Dollars

As the grace period draws to a close, review your FSA balance and understand your plan's specific deadlines. Whether you need an at-home sleep apnea test, other CPAP supplies, or any other eligible healthcare expenses, now is the time to use your FSA dollars wisely.

Is there an HSA Deadline? 

Health Savings Accounts (or HSAs) are exclusively available to individuals enrolled in high-deductible health plans. As of 2023, these plans mandate a minimum deductible of $1,500 for individual coverage and $3,000 for family coverage, according to Susannah Snider, a certified financial planner and managing editor for financial education at SmartAsset, a firm specializing in personal finance tools.

Another notable contrast lies in their timelines and growth potential. FSAs have set deadlines by which all funds must be utilized, whereas HSAs accumulate over time without expiration. Moreover, HSAs offer investment options. You can transfer these funds if you switch jobs, although further contributions to the same account are not permitted.

7 Key Differences Between FSA and HSA

Eligibility: HSAs are only available to individuals enrolled in high-deductible health plans (HDHPs), whereas FSAs are typically offered through an employer. 

Contribution Limits: HSAs typically allow higher contribution limits than FSAs.

Upfront Availability: While your HSA will grow as you insert money into it, your FSA account acts more like a cash advance, where all your planned contributions for the year are available on day one of the year. 

Ownership and Portability: If you leave your job, your FSA funds do not come with you. However, because HSAs are owned by the individual, HSA funds can be transferred between jobs.

Investment Options: HSAs often provide investment options to grow funds over time, while FSAs generally do not.

Withdrawals: HSAs allow tax-free withdrawals for qualified medical expenses at any time, whereas FSAs may require reimbursement after incurring expenses.

Expiration: FSAs cannot be transferred over are usually sponsored by an employer, and funds may have a "use-it-or-lose-it" policy at the plan year's end (or grace period). HSA funds never expire.

Use Your FSA Dollars Before March 15 

Here's the good news: you can use your FSA funds to purchase CPAP and sleep apnea test equipment from us! By leveraging your FSA dollars on our products, you invest in your health and maximize your FSA's benefits.

What Do My FSA Dollars Cover? 

When using your Flexible Spending Account (FSA) funds, you must know what you can spend them on. FSAs cover most medical necessities, like doctor visits, prescription drugs, and even things like bandages and crutches. They can also be used for dental and vision care or acupuncture and chiropractic treatments.



FSAs can help manage your sleep apnea, from taking an at-home test to CPAP treatment. Fortunately, FSAs can cover the cost of CPAP machines and related supplies, like masks and tubing. If you have sleep apnea, you can use your FSA funds to buy CPAP and other equipment needed to enjoy rejuvenating sleep.

Use Your FSA Funds at Lofta

Navigating the ins and outs of your FSA doesn't have to be daunting. Understanding your account's year-end spending rules and deadlines allows you to make informed decisions about your healthcare expenses.

As you plan your year-end purchases, remember that you can use your FSA dollars on our CPAP and sleep apnea test equipment. Whether taking advantage of the grace period, utilizing the run-out period, or enjoying the carryover benefits, we're here to help you make the most of your FSA dollars.

Don't let your FSA funds go to waste. Invest in your sleep health today by using your funds on a new CPAP machine or other supplies, like the AirMini travel battery. Contact our team if you need guidance on your sleep apnea management journey. Just make sure to do so ASAP, as your funds expire on March 15. 


  1. The Difference Between A Flexible Spending Account (FSA) And A Health Savings Account (HSA) National Institute of Health
  2. Understanding the year-end spending rules for your health account Bank of America