Flexible Spending Account reminder
For some with Flexible Spending Accounts, June 30th is another big spending deadline. If you have that deadline, check out our Eligibility List for services and products, or shop at FSA Store for items with your Flexible Spending Account.
Can you believe it's already June? This year is flying by! We're celebrating our five-year anniversary at FSAstore.com. Five years ago, our founder launched the site to help millions of Americans with a Flexible Spending Account. Our site aims to make it easy for anyone with an FSA to use the account, and to learn more to better understand the accounts and maximize the tax-free benefits.
5 steps to take to check in about your Flex Spending Account:
1. Ask about the specifics. If you're not sure what option (if any) applies to your plan, be sure to contact your FSA administrator or your HR department. The FSA administrator will be able to tell you everything you want to know about your plan: how to submit claims, what products or medical services are covered, when your deadline is, and more.
If you have an FSA, you know that your plan has a yearly deadline. This deadline exists by which you must use the money you contribute to your plan, or you risk losing it. Of course, when that deadline is, however, depends on when your plan year officially started. Some FSA plans also have extensions by which you can use your money. Some have a Grace Period (two and a half months to use your money and incur new expenses), and others have a Carryover (the option to carry over up to $500 to the next plan year).
2. Use your Flex Spending Account throughout the year. When you signed up, you calculated how much money you wanted to contribute to your plan. At the time, you may have accounted for expenses related to eye care, dental checkups, and products. Whatever the medical expenses may be, make sure to use your FSA to save on out-of-pocket costs!
3. Submit claims. During the FSA year, it's a good idea to submit your claims on a timely basis. Once you do that, you'll be able to track what's left over in your account, and be able to know what the remaining balance is to use it for products and services.
4. Ask about life events. Sometimes we experience life-changing qualifying events, such as having a baby, getting married or starting a new job. If you're anticipating one of these, or recently experienced one, ask your FSA administrator about these events. Some plans allow you to change your contribution at the mid-year mark, if you had a life-changing event.
5. Follow up with the FSA administrator. The FSA administrator or third-party administrator (TPA) is your guide to your FSA plan. This person will know details about your plan including remaining balances, claims processes, and what's covered by your account. If you're ever in doubt or have a question, it's best to ask the FSA administrator.