Can you believe it's almost May? We're nearly halfway done with 2014, and while you're planning summer vacations, travel, or simply busy with work, it's good to also check in about your FSA account.
Flexible Spending Account Annual Spending
Flexible Spending Account (FSA) deadlines occur throughout the year, so it's good to stay on track with your spending. If you're not sure about your FSA deadline, or don't know your account balance, it's best to contact your FSA administrator or HR department who will be able to answer these questions and much more.
Monitoring your healthcare expenses throughout the year also ensures you keep abreast of your health. You can use an FSA toward a variety of out-of-pocket expenses including co-pays and deductibles for medical services, and also thousands of healthcare products available at FSAstore.com.
Don't forget these tips to maximize your FSA funds throughout the year:
1.Check your available balance. Just like you would with a regular bank account, check in on your FSA every once in a while. This will ensure that you can allocate your funds wisely to different expenses you have.
2.Use your FSA during medical visits. Yes, you can use your FSA toward coinsurance, deductibles and even co-pays. Unfortunately, insurance premiums are not covered, but on the upside, you can use your FSA toward visits with specialists that your regular insurance may not cover (including chiropractors and acupuncturists).
3.Save on healthcare products. You may not realize that everyday healthcare items including band-aids, hot/cold packs, and even contact lens care are available with your FSA. If you're planning travel, did you know that sunscreen and mini first aid kits are eligible? It's not a bad idea to get a few extra medical supplies before you take off. And, instead of shopping for these without your pre-tax funds, why not use your FSA? If you shop at FSAstore.com, you can save up 40% on FSA eligible products by using your FSA - savings on top of savings!