Does your employer have a flexible spending arrangement (FSA)? An FSA allows you to pay for qualified benefits with pre-tax dollars.

Qualified benefits include employer-provided accident and health plans, group-term life insurance, dependent-care assistance, and adoption assistance.

In the past, if you did not use all the money you deferred for these benefits by the end of the year, you lost it. A new rule allows employers to amend their plan to allow you to use pre-tax money for up to 2½ months after the close of the year. This will give you a little extra time to pay for benefits without risking the loss of the money.

Find out if your employer has amended your plan. If not, now is the time to do some planning and estimate the amount of money you should set aside for certain benefits. Don’t risk losing your own money.