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Five Tips for the June 30 FSA deadline
FSAstore.com, the only e-commerce site stocked exclusively with Flexible Spending Account (FSA) eligible products, reminds nearly 35 million FSA holders that they may have a June 30 deadline to use remaining dollars. This deadline does not apply to all FSA accounts, but employees are urged to check remaining balances with their FSA administrator. FSAs allow consumers to set aside tax-free income for qualifying healthcare products and medical services.
"Using a Flexible Spending Account can be confusing, but it shouldn't be. At FSAstore.com, you can shop for everyday, exclusivelyFSA-eligible products, so there is no guesswork when using your account," said Jeremy Miller, FSAstore.com founder and president. "As summer approaches, people may be surprised they can shop for seasonal products including sunscreen, first-aid kits, and hot/cold therapy packs to make the most of their FSA. In addition to products, they can access resources like an Eligibility List and a Learning Center to help thembetter understand what's covered by their FSA."
Even if consumers do not have the June FSA deadline, the mid-year mark is a good time to check in about FSA balances and spending deadlines for the plan year.
Use remaining FSA dollars or make the most of your FSA through these mid-year tips:
- Check your remaining FSA balance. Ask an FSA administrator or Human Resources department about leftover funds. Knowing the exact plan-yeardeadline also allowsyou to avoid losing your tax-free dollars.
- Understand plan eligibility. Ask about plan guidelines to learn what is covered for seamless reimbursement.
- Check in about qualifying events. Normally, you can only elect contributions into your FSA during an annual open enrollment period, but there are exceptions.If you experience a “qualifying event," such as the birth of a child or a change in marital status, ask if you can change your FSA contribution.
- Keep track of different FSAs, if applicable. A Dependent Care FSA can be used to pay for qualifying child care on a pre-tax basis, while a healthcare FSA can cover qualifying medical expenses for you and your family(spouse and children through the age of 26).
- Use an FSA card. Reduce paperwork for reimbursement by using an FSA card, and save up to 40 percent when you shop at FSAstore.com.
FSAstore.com was founded to make it simple and convenient to spend, manage, and use an FSA. FSAstore.com is the only e-commerce site stocked exclusively with FSA eligible products, eliminating any and all guesswork as to what is and is not FSA eligible. In addition to the 6,000 eligible products available, the site offers educational resources for FSA holders, including the most comprehensive Eligibility List in the industry and a Learning Center with answers to the most common FSA questions. FSAstore.com accepts all FSA and major credit cards, offers 24/7 customer service, two-day turnaround for all orders and free shipping on orders $50+.