Don't miss out leaving election dollars in a cafeteria by knowing the difference between grace period and run out period.
A grace period is the # of days a member can still have a service after a plan year ends and be reimbursed.
Run out period is the # of days to turn in expenses for reimbursement. No new services are allowed.
Every plan is different, so check with your administrator.
The main benefits to a cafeteria plan is the pre-tax savings. This means money elected to be ran through on a pre-tax basis avoids paying federal and state taxes. This is most know to apply to premium only plans (for insurance products), flexible spending and dependent care plans...but there are others as well.