FSA enrollment reminder
Has your company had open enrollment for your health benefits yet? Do you have an enrollment deadline coming up soon? If you elected an FSA last year, now is a good time to evaluate your contribution limit depending on your medical needs. Additionally, if your life circumstances changed in the last year (i.e. you got married or switched jobs) in what are known as qualifying events, your expected out-of-pocket medical expenses could be affected as well. Learn more in our blog post on how employment changes could affect your FSA.
Open enrollment is often the only opportunity you’ll have to change your FSA contribution amount. When deciding how much to contribute, be sure to estimate your FSA eligible expenses for the year. Some employers do allow for mid-year changes due to qualifying events, but it’s best to check in about your individual FSA. You’ll likely need to sign up for an FSA every year, though some FSA administrators allow for an automatic renewal of your election. You can use your FSA throughout the year for over-the-counter items and out-of-pocket medical expenses toward a visit with a health care provider. Our FSA Calculator can certainly help you estimate your annual expenses, and you’ll quickly find out the potential tax savings of an FSA as well.
If you have questions about your FSA, it’s best to consult your FSA administrator. Your FSA administrator has access to your FSA account details, your plan’s guidelines and more. If you’re not sure who your administrator is, ask your HR department.