As you probably know, FSA funds are use-it-or-lose-it. This means that if you don’t deplete your FSA funds by year-end you will forfeit any remaining funds to your employer.

People frequently forget about the use-it-or-lose-it nature of FSAs. The end-of-year deadline often causes people to rush to spend thousands of dollars on New Year's Eve on unnecessary items (like stocking a decade’s supply of bandages) to avoid forfeiting their funds. Additionally, the expense process can be cumbersome since you must remember to save and organize your receipts and then take the time to submit a request for each expense.

If you don’t get your act together in time, you will end up like many Americans – losing money. According to an Employee Benefit Research Institute report published in May 2024, roughly 50% of all FSA accounts forfeited funds in 2022 with an average forfeiture of $441. Money.com estimates that U.S. workers are losing billions of dollars per year to FSA forfeitures!

How can Silver help you?

Silver can help you ensure that you don’t waste your hard-earned dollars. Silver offers a streamlined solution to manage your FSA by seamlessly collecting receipts and submitting a claim for reimbursement to your healthcare provider.

By using Silver, you can stay organized and avoid the last-minute scramble, ensuring that every dollar in your FSA is put to good use. Silver’s user-friendly platform provides timely reminders, automated expense categorization, and hassle-free processes, so you never have to worry about losing your funds again!