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5 Year-End Steps for Your Flexible Spending Account
Now is the time to check in to make sure you're taking the proper year-end steps for your Flexible Spending Account (FSA) and maximizing whatever money is left over, and gets used by end of year. Though not every FSA plan has a December 31 deadline, many of these plans do, so it's important to know exactly when your deadline is to avoid losing your FSA funds.
There is a little bit over a week left until the December 31 deadline, so be sure to take these five steps to ensure you use your FSA before it's too late. Not exactly sure how to figure out your balance information or wondering about submitting claims? Contact your FSA administrator (or ask your HR department at work) about that!
5 Year-end Steps for Your Flexible Spending Account
- Check on your deadline. A lot of plans have year-end deadlines on December 31, but every FSA plan is different and can therefore have a different spending deadline. Either way, you'll want to know exactly when your deadline is to avoid losing your hard-earned money. Some FSA plans allow for a Carryoverof up to $500 to the next year, while other plans have a Grace Period (2 1/2 months beyond the deadline to use remaining funds). It's best to reach out to your FSA administrator right now to see when your deadline is, and whether your plan has a deadline extension. If you are wondering who the FSA administrator is, you should consult your HR department for answers.
- Submit receipts or paperwork for FSA reimbursement. As the end of year approaches, check to see if you've submitted all necessary receipts and paperwork for FSA reimbursement in time. Some plans also work with an FSA Debit Card, in which case you likely won't have to worry about submitting additional paperwork. It's generally a recommend practice that you hold on to receipts, in case you're asked to substantiate a claim. If you have an FSA Debit card, your card is auto charged for qualified expenses. FSAstore.com accepts all FSA debit cards (and also major credit cards)to make it easy for you to shop for FSA-eligible products online.
- Review your remaining balance. Still have leftover FSA money? How much? If you still have remaining FSA money, you could use it for various expenses. For a better idea of which expenses qualify with an FSA, check in with your FSA administrator, or you can also browse our Eligibility Listfor eligible medical services and qualified healthcare products.
- Shop for products for your needs. FSAs cover lots of items you may not realize are eligible, such as breast pumps, band-aids, hot/cold therapy packs, contact lenses, prescription eyeglasses, shoe inserts, and even defibrillators. Shopping for these with your pre-tax FSA money will save you on items you would otherwise be purchasing using out-of-pocket money.
- Earn rewards by being responsible with your FSA at FSAstore.com. Yes, you read correctly. If you've been shopping at FSAstore.com for a while, you could be earning points with every purchase through our FSA Perks program. For different sharing activities, like submitting a site review, referring a friend, sharing on social media and more, you can earn points toward discounts for on-site purchases.
Got the December 31 FSA deadline soon? Shop at FSAstore.com with your Flexible Spending Account!