3 ways technology has simplified FSA management
Flexible spending accounts (FSAs) today can be one of the mostly useful tools an employee can have, but historically, FSAs had been a healthcare benefit without the best reputation. It used to be that rigid deadlines, eligibility requirements and other features that required due diligence made FSAs notoriously difficult to use. But as the tech revolution has altered the way we perform countless daily activities, it has also made managing an FSA more accessible than ever before.
If you're on the fence about enrolling in an FSA, the following tech developments in recent years may convince you to give them another shot!
- FSA debit card
By far one of the biggest developments in the FSA world is the arrival of the FSA debit card. Traditionally, FSA expenses were paid for with the account holder's own cash, check or credit card, and then these expenses were submitted for reimbursement to the FSA plan sponsor with the required documentation (receipts, invoices, etc.). The vast majority of benefits providers will now issue FSA debit cards for account holders, which dramatically simplifies the claims process and makes it easier for you to pay for out-of-pocket healthcare costs. Just be sure to hold onto your receipts in case your administrator requires you to submit documentation.
- FSA portals
Most FSA administrators offer 24/7 access to your FSA account details through a dedicated FSA portal. Your FSA portal will typically allow you access to your account balance, the ability to submit and manage claims online, contact information, and much more. FSA portals make it easier than ever to manage consumer-directed healthcare accounts.
- FSA educational tools
The crisis surrounding FSAs for decades was always a question of education - whether educational resources were made available to workers and whether HR managers could answer in-depth questions related to FSA rules and regulations set forth by the IRS. At FSAstore.com, we know that consumer education is one of the biggest stumbling blocks to FSA enrollment, which is why we've created a whole suite of FSA Educational Tools to help you cover every angle of your account. These include:
- FSA Eligibility List: The web's most comprehensive eligibility list with over 800 entries detailing medical products/services and their eligibility with FSAs, HSAs and other consumer-directed healthcare accounts.
- FSA Learning Center: Have a question about your FSA? Explore our extensive educational resources or submit a question 24/7 to our FSA experts.
- FSA Calculator: We've created a way to calculate exactly how much FSA money you should set aside based on your income, marital status and state.
- FSA Tracker: Not all FSA plan years are the same, so make sure you stay on top of your deadline. Submit your FSA deadline in our FSA Deadline Tracker for email reminders sent to you when your deadline is around the corner.