Is there a loophole in the flexible spending account?

Hi. This is a very general question but let me try to answer: There are several things that you absolutely need to keep in mind when opening a flexible spending account:

1. The plan year - you must spend out everything you set aside during the plan year - there is no loophole that allows you to bend this rule

2. Eligible expenses - make sure you know exactly what you can spend money on. They are also very strict about this.

3. Receipts necessary - even if you spend during the plan year on eligible expenses, you can be turned down for reimbursement if you lack the necessary receipts.

4. People who are covered - also make sure you know who in your household is covered. Usually this is pretty straightforward and again, no loopholes.