FSAstore.com reminds consumers this tax season: Enroll in a flexible spending account (FSA)
FSAstore.com Reminds Consumers this Tax Season: Enroll in a Flexible Spending Account (FSA) and Save Up to 40 Percent on Medical Expenses
Consumers can save up to $1,000 a year with an FSA
New York, NY (PRWEB) April 07, 2014
FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products, is reminding consumers to take advantage of sizable annual health care savings with an FSA. More specifically, enrolling in a pre-tax FSA and contributing $2,500 to the account could result in savings up to $1,000 annually. That's the equivalent of up to 40 percent savings on each dollar contributed to an FSA.
“With an FSA, consumers can reduce their taxable income while enjoying large tax savings on out-of-pocket expenses throughout the year," said Jeremy Miller, FSAstore.com CEO and Founder. “An FSA can help cover expenses including doctor co-pays, dental and eye exams, and practical, everyday health care products such as first-aid kits, blood pressure monitors, heat wraps, and breast pumps."
Additional tips to help maximize your FSA:
1. Contribute wisely. Use an online FSA calculator to plan FSA savings and anticipate potential FSA expenses.
2. Learn what's covered. Many consumers do not realize the breadth of products and services covered by an FSA and fail to spend down their account balance. To make the most of your FSA dollars, browse available FSA eligible expenses.
3. Maximize contribution limits. You can contribute up to $2,500 to a Health Care FSA, but you can maximize your contributions if both you and your spouse contribute to separate FSA accounts. In this case, you and your spouse can contribute a total of $5,000 a year. You can also contribute $5,000 per household to a Dependent Care FSA, or $2,500 if married and filing separately.
4. Know your FSA types. If you have children, you could use both a Health Care FSA for medical expenses and a separate Dependent Care FSA for childcare or adult dependent care needed to allow you and your spouse to work, search for work, or attend school full-time.
5. Take care of eligible dependents. Use your FSA to pay for expenses for your tax dependents or your children through the age of 26. Per HealthCare Reform, children through the age of 26 do not need to be your tax dependent.
6. Keep track of qualifying events. Some life-changing "qualifying events" (such as marriage or the birth of a child) may allow you to change your FSA contributions during the plan year. Check with your FSA administrator if you think this applies to you to be sure that you're taking full advantage of your contribution potential and eligible expenses.
7. Track health care payments. If you used an FSA debit card during the year to pay for expenses, you usually will not need to submit a paper claim. If you did not use a debit card, be sure to submit claims with receipts for all FSA eligible expenses, so that your FSA administrator can process your claim promptly.