Tribune Employees and FSA's

Just a little reminder to Tribune Company Employees that have lost or will be losing their employment, use your flexible spending account or lose it.

From Kiplinger: I've been contributing $200 per month to my health-care flexible spending account, but it looks as though I might get laid off soon. Could I spend the full $2,400 that I had planned to contribute for the year, or just the $600 that I've contributed so far?

There's good news and bad news about FSA contributions. On the bright side, you can use the full $2,400 for eligible medical expenses at any time -- even if you lose your job before the year is over. "An employer cannot ask for the money back in most cases, unless the plan is written in a certain way, which is highly unusual," says Jody Dietel, chief compliance officer for WageWorks, which administers FSAs for many large employers. Ask your employer about the rules before you spend the extra money.

From the Los Angeles Times: Here's another thing to remember, Billet says: The full amount you allocate is available to you Jan. 1, even though you'll only just be starting the payroll deductions then. So if you think you could lose your job before 2010 ends, consider spending the full amount soon -- you won't have to pay it back. And if you do get laid off and have not been reimbursed for funds you spent, you can still file to be reimbursed any time before the plan year ends.