It’s the final countdown…not only to 2013, but also to the end of the Flexible Spending Account (FSA) plan year for many FSA holders. The majority of FSA plan years will end on December 31, 2013.Before you settle down at the dinner table or plan for the holidays, take a minute to make sure your FSA is in order. You could still have remaining FSA dollars to spend by the end of year, or else you’ll risk losing your funds.
FSA End of Year Checklist:
Contact your FSA administrator.Ask questions about your FSA plan if you’re not sure about your plan deadline, remaining FSA balance, or if the recent U.S. Treasury changes have affected your plan.
What are the different deadlines?
It may be that you have a December 31 deadline (and no grace period or $500 carryover to the next year). If you do, make sure to use your FSA!
You could have a $500 carryover. If you do, up to $500 will carry over to the following year, but any remaining money in excess of $500 will be lost if you don’t spend it before the deadline.
You may have an FSA grace period. If you do and your plan year ends December 31, you’ll have until March 15 to use your remaining FSA funds.
Spend your remaining dollars before your FSA deadline.
Schedule an appointment with a medical provider.
Submit a claim to be reimbursed for any eligible expenses you paid for out of pocket. Include a receipt to support that the item is FSA eligible.
Shop for medical products or supplies at FSAstore.com.
Plan ahead for your next plan year.
If you made your election for your FSA, it’s never too late to research more about FSA eligible expenses. Your FSA can be applied to many different costs ranging from deductibles at a health care specialist’s office, eye exams, and even breast pumps.
You might be surprised to find that sunscreen, reading glasses, cold packs, heat wraps and even breast pumps are FSA eligible! Or you can check out FSA eligible services to determine what medical services are eligible for reimbursement. We also have an FSA Learning Center to answer any of your other FSA-related questions.
On behalf of our FSAstore.com team, we wish you a Happy Holiday season!
NEW YORK, Dec. 19, 2013 /PRNewswire/ --FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products and services, reminds consumers with FSAs to check and use their balances before their plan year deadline. Because many FSAs have an annual Dec. 31 deadline, time to spend down FSA funds is running out. According to the FSAstore.com, more than 30 million Americans are covered by FSAs and rely on these plans to pay for qualified medical expenses, including health care products, dental and eye care, and out-of-pocket expenses for health care services.
FSA holders can shop for a wide range of products using pre-tax dollars available in FSAs including baby care, first aid, pain relief, and diagnostic equipment at FSAstore.com. However, each year FSA account holders risk forfeiting FSA dollars when they don't use these funds by a specific plan year deadline.
Tips for end-of-year FSA spending:
Consider over-the-counter products you could use throughout the year that are FSA-eligible ranging from contact lens care to baby care items to shoe inserts.
Schedule a dental checkup or an annual eye exam through our FSA Eligible Services.
Be heart healthy and purchase a blood pressure monitor.
Prepare an emergency first aid kit containing bandages, band-aids, gauze and more.
Gear up for warmer weather with FSA-eligible sunscreen.
Planning for or expecting a baby? You can find everything from breast pumps to prenatal vitamins at FSAStore.com.
"FSAstore.com is a convenient source that exclusively sells thousands of everyday health care products to serve FSA participants year-round," said Jeremy Miller, president and founder of FSAstore.com. "Our site also offers tools such as an FSA eligibility list, FSA Learning Center and an FSA deadline reminder to help consumers better understand and manage their account."
RecentU.S. Treasury Departmentregulatory changesto the expiration and forfeiture of dollars, called the "Use it or Lose it" rule,could increase overall FSA adoption by easing forfeiture concerns and making FSAs more attractive to consumers who realize the savingspotential for future health care needs. Because of this change, employers are nowallowedto offer account holders a carryoverof up to $500 inFSA funds to the next plan year, or a two-and-a-half month grace period to use unspent funds. However, FSA plans cannot have both options. FSAstore.com urges consumers to check with their FSA administrator to see if one of these options applies to their account.
FSAstore.com is the only one-stop-shop exclusively stocked with FSA eligible products - eliminating the guesswork behind what is reimbursable by an FSA. Consumers with flexible spending accounts can access thousands of high quality FSA eligible products, in addition to FSA eligible services, and much-needed information through the FSA Learning Center. FSAstore.com accepts all FSA and major credit cards, offers 24/7 customer service, one-to-two-day turnaround for all orders, and free shipping on orders $50+. There is no need to submit receipts for products purchased with an FSA or HSA card.
The Patient Protection and Affordable Care Act (PPACA) brought changes to health care that affect Flexible Spending Accounts (FSAs). Confused about health care reform and how it affects your FSA? FSAstore.com has summarized two changes that affect your FSA.
2011 OTC changes
In 2011, Internal Revenue Service (IRS) regulations changed how certain over-the-counter (OTC) products are processed through FSAs. Only OTC items containing medicines (except for insulin) require a prescription to be reimbursed by your FSA.
You can still buy thousands of FSA eligible products at FSAstore.com without a prescription. Check out our many different categories including elastics/athletic treatments, foot care, sun care, first aid, and family planning.
Our FSA Eligibility List can help you find which products require a prescription and which products do not.
2013 Spending Cap
Starting in 2013, there will be a yearly cap on FSA contributions of $2,500 per person.
You can work around the cap if you and your spouse are offered an FSA by different employers, as you’ll both be able to elect $2,500 in separate FSAs – a combined $5,000 a year.
Dependent Care FSA yearly contributions remain the same at $5,000 per household, $2,500 for married couples filing separately.
If you want help estimating your yearly spending for next year, you can consult our FSA Calculator.
You should check with your FSA plan administrator about your FSA plan limits for 2013.