FSA Account Yearly Forfeit Amount
As of December 2018, $522.88 million had been forfeited yearly in FSA accounts. Complete details about these forfeitures are presented below.
Amount of Money Forfeited Yearly in FSA Accounts
- Number of people that have FSA accounts: 38 million
- As per a study conducted by WageWorks, a firm that administers FSAs, it has been noted that 8% of FSA holders end up leaving money in their accounts at the end of the year and the average amount is $172 as of December 2018.
- $522.88 million as of 2018 [see calculation]
=Number of FSA account holders = 38 million
=Number of accounts that are forfeited yearly = 8% of total FSA accounts
=Number of accounts that are forfeited yearly = 8% of 38 million = 3.04 million
=Average amount that is forfeited by each account = $172
=Money forfeited yearly in FSA accounts = Number of accounts that are forfeited yearly * Average amount forfeited by each account
=Money forfeited yearly in FSA accounts = 3.04 million * $172 = $522.88 million