Save Flexible Spending Plans chairman Joe Jackson recently spoke out against restrictions on flexible savings accounts that are scheduled to take effect in 2011.
Jackson argues that the 2011 effective date is too soon for administrators to "reprogram data systems" and update plan materials. Participants would struggle to cover out-of-pocket expenses formerly covered by their FSA.
"It's completely unreasonable to expect individuals and families with an FSA, as well as plan administrators, to plan for and be prepared to comply with the significant changes being proposed by next year," Jackson said. He suggests postponing the effective date until 2014, adding that this date is more in line with other reforms.
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"This common-sense approach would provide a much better transition period for participants, including those battling chronic conditions, to be educated about the new rules and have a reasonable amount of time to find new ways to finance their health care costs."
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