The Flexible Spending Account (FSA) is a great tool to help pay for your medical expenses. One of the major drawbacks of the FSA is that if you do not spend all of the funds by year end they are lost. This causes many individuals to not create FSA's for fear they will not need all of money allocated for any given year. This punishes those who try to plan ahead in case of unforeseen medical costs. Which is the opposite to the intentions of the program.
We the people ask the White House to look into one of the following solutions to remedy this issue.
1. Instead of losing leftover funds, tax the amount left over at the normal rate and return the remaining to the individual.
2. Allow funds to roll over to the new year without penalty. If necessary set a cap on total funds in the FSA.