Three FSA open enrollment tips
Open enrollment can be stressful as you're presented with many options for your employee benefits. When you get your benefits package, you might be overwhelmed by the choices you're given, or maybe you're not sure about the benefits you should consider enrolling in.
As open enrollment approaches, we're giving you three tips to make sure you get the most of out of your Flexible Spending Account, should you be considering enrolling in one, or re-enrolling for another year!
Three FSA open enrollment tips to consider:
1. Calculate how much to set aside. It's important to figure out yearly healthcare expenses with your FSA, and then use the plan for covered expenses. The plan is pre-tax, so you're already saving more by using it. You can also use an FSA toward co-pays or deductibles (though not premiums).
2. Research what's covered. Ask your FSA administrator or the HR department if you're not sure about which medical services and products your plan covers. They'll be able to explain better to you what you can expect, and which healthcare costs are covered by the specific guidelines of your plan.
3. Keep track of deadlines. Throughout the FSA year, you'll want to be using your plan to maximize the money you've contributed and to avoid losing your FSA dollars. You may also have a plan-year extension such as a Carryover up to $500 or a Grace period, but it's best to ask your FSA administrator about those details.
If you have any more questions about your FSA, don't hesitate to ask your FSA administrator or the HR department, if you're considering signing up for an FSA! If you already have an FSA and want to set aside more money for the next year, then open enrollment is the time to do that.
You can browse our Learning Center to discover what expenses are covered, and to see if the questions you have about coverage, dependents or enrollment are answered there, as well.