Mid-year FSA checkup
We're halfway through the year and you're probably daydreaming about summer plans. And how could you not be? Vacations on the beach, relaxing out in the yard, day trips with friends... you name it.
Coincidentally, this time of the year also calls for an important, but often overlooked, health checkup.
Are you on track with your Flexible Spending Account spending?
The deadline for these "Use it or lose it" plans for most participants isn't until December 31, but it's easy to forget about that when you have a full year. For some participants, the FSA deadline is actually approaching on June 30! Check with your FSA provider if you're not sure when your plan year ends.
It's good to monitor your FSA plan throughout the year to a). Not forget you have an FSA, and b.) Use it as you need it.
Think of your FSA as a regular bank account as you track expenses and stick to a budget. It has the added value of tax-free savings! Before enrolling, you estimated yearly FSA medical expenses in terms of office visits, medical supplies, and your dependents' medical needs.
Follow these three tips to ensure you're maximizing FSA savings:
1. Check your FSA funds every few months
FSAstore.com offers an online FSA calculator to help you figure out expenses. Don't let your pre-tax FSA funds expire at the end of plan year, or get stuck with a large sum to spend at the end of the year!*
*If you find that you are overestimating or underestimating your FSA contributions, connect with your HR department or FSA benefits provider about adjusting the limit next year.
2. Visit a specialist for a medical exam or checkup
Did you know your FSA lets you visit regular health specialists including doctors, ophthalmologists and dentists? Did you know you could also see acupuncturists or chiropractors who are not covered by your insurance? Find a provider near you with FSAstore.com FSA Eligible Services.
3. Use your FSA to buy everyday health care products
Need band aids, contact lens solution, or hot/cold packs for travel? These are eligible with your FSA. For summer, be sun safe with FSA eligible sunscreens. Bring along first aid kits, heat wraps or shoe inserts for camping, road trips or hikes. Simply use your FSA card to buy FSA eligible products at FSAstore.com!