ShopFSAstore.com’s Favorite Staff Picks for the 2020 Grace Period Deadline
For more than a third of the flexible spending account (FSA) user population, March 15 is a pivotal deadline when they have to spend the last of their 2019 funds before they're forfeited to the "use-it-or-lose-it" rule.
Need some help getting your wellness shopping trip started? Let the FSAstore.com staff help. We've compiled our staff's favorite newly eligible and top sellers so you can get exactly what you need to spend your remaining funds and get what your family needs to stay healthy year-round.
1. MDSolarSciences Hydrating Lip Balm SPF 30
"This is my favorite sun-safe lip balm that goes with everything. It has broad spectrum protection and helps prevent chapped lips," - Pauline F.
"This is one of our office favorites. It uses a suction tool to remove insect saliva and venom to quickly get rid of any itching or burning after a bite," - Kevin O.
3. KT Tape Recovery Cold Therapy Roller
"If I have a sports injury or just some regular workout soreness, this is a great option to have in my freezer to fight off pain and inflammation," - Ethan W.
4. Kanjo Acupressure Zip-Apart Mat
"I'm a big fan of Kanjo products, and this zip-apart mat helps me set up and break down the mat quickly and stow it in a suitcase or bag when traveling. It's a great way to treat common pain issues that can affect your neck and back," - Brendon A.
5. Attitude Living Baby & Kids Mineral Face Stick SPF 30 Fragrance-free
"I love this face stick for my little ones because it's plant-based, reef-safe and certified sustainable while offering broad spectrum protection against UVA/UVB rays," - Nancy H.
6. Recoup Cryosleeve Cold Compression Sleeve
"When I pull a muscle or tweak something at the gym, this cold compression sleeve is a lifesaver. It conforms to the area to ease pain and speed up the recovery process," - Bill S.
"If you wear contacts or eyeglasses, an FSA is a no-brainer to cover vision corrective aides and everything else that goes with them. I'm a big fan of Sven Antifog gel that will keep my lenses clear for 24 hours and comes in a pen-sized spray bottle that can go with you anywhere," - Zach W.
8. Elvie Double Electric Breast Pump
"After using a regular breast pump after the birth of my first child, I'm absolutely wowed by the Elvie. It can be worn in a standard nursing bra, and I can get stuff done while still being able to pump. It's one of the coolest mom innovations out there today," - Vanessa S.
9. Caring Mill Travel Heating Pad
"You'd be amazed how many ways you can use a heating pad, especially when it comes to treating abdominal cramps and discomfort. This Caring Mill design is perfect for use at home and can fit easily in a travel bag, and each sale benefits our charitable partner, Children's Health Fund! It's a win-win," - Jackie D.
March 15 will be here before you know it, so make sure you shop at FSAstore.com for all of your deadline spending needs:
- Shop worry-free until midnight PST on March 15
- 24/7 access to FSA experts, call or chat
- 100% eligible products, guaranteed
Real Money: Why your FSA doesn't let you stock up on products
An FSA is a "use-it-or-lose-it" plan, which means if you don't spend all the funds in the account before the end of the year, you lose that money. So, what happens if it's December and you still have a lot of money left in your FSA account? Can you stock up on eligible products to make sure that you don't lose those funds?
The answer is no. But, there are still some options that can help you avoid this situation, so let's take a look at how you can take advantage of all your FSA benefits before year's end, while doing so within the guidelines of your FSA.
What does "stockpiling" mean with an FSA?
While the term hasn't been fully defined, according to informal remarks made by an Internal Revenue Service (IRS) official, stockpiling eligible items under your FSA means that you buy more items than you're able to use before the end of the taxable year.
Buying any more than three of the same item could be considered "stockpiling." By the very nature of FSAs, any product you buy should be to fill a need for you, your spouse or a qualified dependent. Because of this, the IRS doesn't let you to stock up on eligible items with your FSA, and your administrator can usually figure out that you're stockpiling by analyzing how many items you bought towards the end of the year.
Let's say it's December 1st and you still have $600 left in your FSA. You realize that you're running out of nasal spray, so you decide to buy 25 packs of your favorite saline solution, so you can stock up for the rest of the year and into the next, and use up the remaining balance in your FSA.
The problem is that unless you're somehow going to use all that saline solution in the next 30 days, your FSA administrator may flag that purchase as stockpiling.
If you stock up at the end of the year, your FSA administrator is probably going to send you an alert to inform you that this kind of spending isn't allowed and that those purchases wouldn't be eligible for reimbursement.
Take advantage of rollover and grace period options
The best way to avoid stockpiling is to spend down your FSA balance before you get to the month of December when the mad scramble to use your benefits tends to hit the hardest.
But if you find that you can't quite pull that off, it's important to know that some FSA plans allow you to carry over up to $500 of unused funds into the next calendar year. If your plan doesn't offer that rollover option, it may offer a grace period of two-and-a-half months at the end of the plan year.
This grace period carries over the remaining balance in your FSA into mid-March of the next calendar year for those running on a calendar year plan, which gives you more time to spend that money before you lose it.
At the beginning of the plan year, make sure you ask your FSA administrator whether your plan offers a rollover or a grace period option so you can plan your spending well in advance.
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Whether you budget week-to-week, or plan to use your FSA for bigger things, our weekly Real Money column will help you maximize your flex spending dollars. Look for it every Tuesday, exclusively on the FSAstore.com Learning Center. And for the latest info about your health and financial wellness, be sure to follow us on Facebook, Instagram and Twitter.
What is an FSA "run-out" period?
During the early part of the Flexible Spending Account (FSA) plan year, you will hear plenty of terms being thrown around like "grace period" or "rollover," but one term that is constantly misunderstood is the FSA "run-out" period. This is a standard account feature that is built into the structure of most flexible spending accounts (FSAs), but it can often be confused with the FSA grace period because it is so similar. So what's the deal with the FSA "run-out" period? Let's find out.
"Run-Out" Periods
An FSA "run-out" period refers to the period of time in the new plan year during which account holders can file claims for expenses incurred during the previous plan year. This timeframe is chosen by the employer, not the IRS, and can last for any period of time, but the most common FSA "run-out" period is 90 days. For instance, if your FSA plan year ends on December 31 and you have a 90 day run out period, you would have until March 31 of the following year to submit claims for reimbursement.
What is the difference between the FSA grace and "run-out" periods?
A common source of confusion for FSA users is the difference between the FSA grace period and "run-out" period. Unlike the "run-out" period, the grace period is an option chosen by the employer, which gives FSA users 2.5 months after the end of the plan year to spend their remaining FSA funds.
The key difference is that with a grace period, new products/services can be purchased with prior funds into the new plan year, but with the run-out period, only expenses that were incurred during the prior plan year are eligible in the near year. FSAs can offer both the grace period and run-out, neither, one or the other, or even another option in which remaining funds up to $500 rollover to the following year, but this is left up to the FSA plan sponsor to choose. Always check with your FSA plan sponsor to find out which rules apply to your plan!
Looking ahead to March deadlines
With all of that confusion out of the way, March is poised to be a pivotal month for FSA users. If you have the FSA grace period and your FSA plan year ended December 31, 2016, you have until March 15, 2017 to make purchases with 2016 funds, while those with the 90 day "run-out" period have until March 31, 2017 to file claims for expenses incurred during 2016.
So don't wait - learn about the most important deadlines on your account and spend down your FSA funds at FSAstore.com! We have the web's largest selection of FSA eligible products to support the continued good health and wellness of you and your dependents.
Tips Ahead of The March 15 Grace Period
It's possible that your Flexible Spending Account has one of two deadline extensions: an FSA Grace Period or an FSA Carryover. If your FSA plan year ended on December 31, and you have a Grace Period, then you have until March 15 to spend remaining FSA money. If your plan instead offered an FSA Carryover, you could have been allowed to carry over up to $500 from the previous year.If you're not sure about your available FSA account balance, your FSA administrator will be able to provide it for you. Some administrators haveonline access to your FSA, where you can check balance and claims information.
Can I have a March 15 Grace Period and a $500 Carryover?
Your FSA plan could have one of these two deadline extensions, but cannot have both a Carryover and a Grace Period. If you don't know which extension applies (though some plans have neither), it's best to ask your FSA administrator or HR department about the details and structure of your plain. If you don't use the remainingFSA money or if your FSA has a carryover and more than $500 getsunspent, themoney is forfeited back to the employer.
I have a few remaining claims to file.Do I still have time to do that, or can still I file them later?
If your FSA has aRun-Out period, you'll have typically around 90 daysafter the end of your plan to get reimbursed for expenses incurred during the prior plan year. This means you can get reimbursed for new expenses, too. However, you can't file claims for services you may have received before the FSA plan year.
Need some additional answers about coverage and claims filing? Ask your FSA administrator, check in with your HR department, or you can always visitour Learning Centerfor more information.
Need ideas about how to use remainingFSAdollars? Check out our Grace Period Product guide:
https://fsastore.com/blog/2016/03/12/grace-period-guide-to-fsa-eligible-products/
Grace Period guide to FSA eligible products
If your FSA Grace Period deadline is on March 15, you'll want to make sure to spend any leftover FSA dollars before that date. Our Grace Period Guide to FSA Eligible Products offers tips and ideas on how you can treat yourself with the remaining money you have in your FSA! Many people often associate FSAs with eye care and doctor's visits, but these accounts can cover lots of everyday health items, including contact lens care, band-aids, hot or cold packs, breast pumps. broad spectrum, SPF 15+ sunscreen, and many more items. If you're not sure how much money you have left or when your deadline may be,just ask your FSA administrator or the HR department.
But, if you already used your FSA dollars (which is great), feel free to share the guide with a coworker or friend who could still have remaining FSA dollars,to help them use (and not lose) their hard-earned money.
We've created the Grace Period Guide to make it easy for you to shop for products, and eliminate the guesswork behind what's covered.
FSA eligible items that connect to your smartphone
Are you a fan of monitoring your health on the go? Then, check out our Hi-Tech Health category full of items that can easily connect your smartphone. You can monitor fevers, check your blood pressure and more through different FSA-eligible items. These are items including smartphone-enabled blood pressure monitors, smartphone-enabled thermometers, TENS units and much more. Shop Hi-Tech Health.
Take care of your little one at home and on the go!
Breastfeeding supplies are eligible with an FSA and sold at FSAstore.com. These items include breast milk storage milks, breast pumps, milk storage solution, and nipple shields.
Baby health care items including nasal aspirators and baby forehead thermometers provide gentle care when your baby has a fever or a cold. Shop for Baby Care with an FSA
Restock your first aid cabinet, or prepare for travel:
When was the last time you checked your medicine cabinet at home? Is your first-aid kit complete? If you've used first-aid treatments, it could be time to restock your medicine cabinet to make sure you're prepared for small cuts and scrapes at home. Shop for First Aid at FSAstore.com
If you're planning travel soon or road tripping somewhere, be sure to bring some small first-aid treatments with you. Getting stuck without a band-aid can be a pain, and your FSA covers many first-aid treatments. If you're looking for a comprehensive first-aid kit, take a look at the Adventure Medical Kits. There are many types of Adventure Medical Kits kits specific to your lifestyle needs.
If you have kids, there are many items you can keep in the car. If they have favorite cartoons, chances are you can get band-aids with these cartoon characters on them. There are also first-aid kits geared for kids, hot or cold packs with fun animals or designs, and much more. Browse our Children's First Aid category for ideas.
It's not a bad idea to invest in a defibrillator for the car in case of an emergency. The Philips HeartStart Home Defibrillator comes with step-by-step voice instructions (including a CPR coach) to help you treat cardiac arrest.
If you deal with motion sickness, know that there's a drug-free, acupressure wrist band that can help known as Psi Bands. Psi Bands can also be applied to relieve nausea due to morning sickness, anesthesia and more. Shop for Psi Bands at FSAstore.com.
Stay fit and let your FSA help:
If you work out, did you know that hot or cold therapy packs are covered by an FSA? There are many items that can help you stay on track with your fitness and provide pain relief due to sore muscles or an injury.
Check out: TheraPearl's drug-free Pearl Technology which adjusts to your body and gets you pain relief for neck, knees, puffy eyes and more. Shop for TheraPearl at FSAstore.com
If you're coping with arthritis, then Battlecreek's Thermophore MaxHeat Arthritis pad can help.
Need athletic treatments? KT Tape can provide extra support and easily stays on, whether you're sweating, in a pool, or even showering!
Take Into Account Eye Care Needs
Restock contact lenses. Did you know contact lenses and contact lens solution are covered by your Flexible Spending Account? You can restock both with your tax-free money. Shop for Contact Lenses.
Buy new prescription eyeglasses. If you recently had an eye exam and need new glasses, you can shop for prescription eyeglasses with your pre-tax FSA. Shop for Glasses.
Prepare for Colds and Allergies
Spring allergy season is just around the corner, and now's a good time to restock on the items you'll need to fight colds or seasonal allergies. Shop for vaporizers, handheld steam inhalers, neti pots and saline solution to alleviate cold symptoms quickly and naturally. Deal with congestion at the onset and go on with your week.Shop for Cold/Allergy products at FSAstore.com
Need inspiration for using your FSA dollars?
Take proper skin care. If your skin is prone to breakouts, your FSA can help with drug-free, light therapy through reVive.
Get sun protection and sun protective lip balm. Though it's not something we may think about as a year-round important item, sun care is vital to protect your skin all year long. An FSA covers broad spectrum, SPF 15+ sunscreens. Shop for Sun Care at FSAstore.com.
Relief for stiff muscles in your feet. If you're experiencing muscle pain or strain in your feet or have swollen feet or ankles, the Ultimate Foot Circulator can help.
March 15 Could be Last Chance to Spend 2015 FSA Dollars
March 15 Could be the Last Chance to Spend 2015 Flexible Spending Account Dollars
FSAstore.com offers tips, reminders on deadlines and easy ways to spend down FSA balance
NEW YORK, February 29, 2016 – FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products, is reminding millions of Americans covered by an FSA that they may have a Grace Period to use remaining 2015 funds. For FSA plans that ended Dec. 31, 2015, the Grace Period deadline is March 15, 2016. The Grace Period provides a last chance to spend down an FSA and avoid forfeiting leftover FSA money.
According to an FSAstore.com survey, approximately 34 percent of employers offer a Grace Period, which gives individuals a two-and-a-half month extension to use FSA money from 2015. Alternatively, some FSA account holders may have a Carryover option that allows them to carry over up to $500 in FSA funds to the next plan year. An FSA may offer a Carryover or Grace Period option, but not both. An FSA may also offer neither option.
"Consumers tend to be confused about two things: deadlines and eligible expenses. Our goal is to educate people about deadlines and to make it easy and convenient for them to spend their FSA dollars on products and services that enhance their health," said Jeremy Miller, FSAstore.com founder and president. “The March 15 Grace Period is the last chance some people have to use their remaining funds, or risk losing their hard-earned money."
FSAstore.com urges consumers to contact their FSA administrator to find out if they have a deadline extension. Consumer can browse FSAstore.com's FSA Eligibility List to find products and services that can help them make the most of the remaining account balance.
About FSAstore.com
FSAstore.com is the only e-commerce site 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 FSA eligible products, and access much-needed information through the FSA Eligibility List and 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+.
Here's your Grace Period checklist!
March 15 holds a special place in the minds of some Flexible Spending Account (FSA) holders - it's the most popular FSA grace period deadline! Companies have the option of giving their employees the ability to roll over $500 of their FSA funds into next year or spend their remaining funds over a 2.5 month "grace period." FSAs cannot have both a carryover and a grace period.
If your 2015 plan year ended December 31 and you have a grace period, don't forget to use your remaining FSA dollars by March 15! If you don't your deadlines options, this is the perfect time of year to speak with your benefits administrator to maximize your account's potential before March 15.
Here are some key tips to keep in mind from FSAstore.com!
Check your balance
The FSA grace period is the ideal time to embrace new habits to better manage your account over the course of the year. This is the perfect time to begin checking your balance regularly, as well as touching base with your benefits administrator to examine your current FSA contributions to fully maximize your plan's offerings.
Plan future expenditures
Do you have a major medical procedure on the horizon? Looking to stay healthy on an upcoming vacation? Calculating your future spending (while giving yourself leeway for unexpected emergencies) can give you the breathing room necessary to cover medical expenses confidently. Our handy FSA Calculator can get you started!
Submit your 2015 claims
Depending on how your benefits administrator processes claims (typically online or through submitted paperwork), this is a pivotal step to take before your March 15 deadline to make sure your claims are processed ahead of the deadline.
Spend your FSA funds before March 15!
If you don't want to forfeit your remaining 2015 FSA balance you still have time to spend it down on eligible products. In addition to covering doctor's visits, co-payments and procedures, your FSA covers a huge range of everyday products, including SPF sunscreen, over-the-counter pain relievers (with a prescription from a doctor), breast pumps, cushioned insoles, bandages, first aid kits and so much more. Our Eligibility List is the perfect place to start maximizing your account's potential!
Remember that FSAs are funded with your own pre-tax money and don't lose your hard earned dollars!
Shop for the FSA eligible products that you'll need at FSAstore.com!
Do I have the FSA Grace Period?
"I keep hearing about it, but don't know if a Grace Period applies to my FSA. What isaGrace Period? How do I know if I have one?
If you're asking yourself these questions, you're not the only one! Deadlines can be confusing, but once you learn more, that confusion will disappear.
At FSAstore.com, our goal is to make it easy to use and understand your FSA, so read on for more details!
For many people, their Flexible Spending Account (FSA) deadline ended on December 31. But, your FSA deadline may vary (this also depends on your employer and when your FSA plan year started), and some FSA plans are structured to have a Grace Period. This Grace Period provides for an additional two-and-a-half months following the last day of the plan year to spend your remaining funds AND incur new eligible expenses.
For example, if your plan ending in December has a Grace Period, then you'd be able to still use your remaining FSA money until March 15. If you're not certain about this deadline, it's best to ask your FSA administrator or your HR department at work to find out when your plan year ends and how much FSA money you have left for your plan year.
"I also heard about a carryover? What is that? Do I have one?"
The IRS and U.S. Treasury Department issued regulations that allow employers to give employees another option: to carry over up to $500 in FSA money to the following year. This doesn't apply to ALL FSAs, and it's again best to check in with your FSA administrator or HR department to find out if you have the carryover. If you don't end up using your FSA money or if your FSA has a carryover and more than $500 is unspent, that money is then forfeited to the employer.
"What happens if I have claims to file? Can I still file a claim even after the FSA year is over, or if the Grace Period ended?"
Similar to a Grace Period in terms of giving you an extension, with a Run-Out period you'll have typically three months after the end of your plan to get reimbursed for expenses incurred during the prior plan year. This means you can get reimbursed for any new expenses.
But, what about if I want to file a claim for a service I received before the FSA plan year? You cannot file claims outside of the plan year or Grace Period.
Have more questions about claims? Visit our Learning Center for additional answers!
Need to use your FSAdollars from 2015? Wondering how to use the rest of your FSA money before the Grace Period deadline?
2. Shop for products you'll need during the year! Need to refill a first-aid kit? Wear contact lenses and need contact lens solution? There are many products your FSA can cover.
3. Do you exercise? Hot/cold therapy packs, elastic bandages and tape, and ankle or knee braces, are among theitemsyou can buy.
4 last-minute tips if you have the FSA Grace Period
Important Information for The FSA Grace Period Ending on March 15, 2015
"Can you check my Flexible Spending Account balance for me?"
Unfortunately, we cannot check that for you. FSAstore.com is a retailer for products covered by a Flexible Spending Account. You would need to contact your FSA administrator, or TPA (third-party administrator) to access any details about your FSA plan. The administrator can direct you to information about your remaining balance, claims and coverage information, and more.
Grace Period Details
If you have an FSA, you could have a Grace Period ending this weekend (March 15). What does that mean?
The Grace Period is a two-and-a-half-month extension during which you could spend down your FSA. This means, if you had an FSA plan year ending on December 31, 2014, and had a Grace Period, you'd still have time to use your FSA until March 15. Now, in this case, that's this weekend!
If you're not entirely sure if you still have money left over from 2014, or if you had the Grace Period, you can still contact your FSA administrator this Friday to find out. If you don't know the FSA administrator, you can always ask your HR representative for that information.
3 Tips to Avoid Losing Your 2014 FSA Dollars
FSA money must be used, or you lose it. FSA money cannot be refunded to you.
Think about any expenses you've incurred.Make sure to submit any claims before March 15.
Check if you have a Grace Period or a Run-Out Period. Some FSAs have a Run-Out period, which is different from a Grace Period. If you have a Run-Out period, you can get reimbursed for expenses incurred during the previous plan year (so you can't use your FSA for new expenses). The Run-Out ends on March 31.
Trying to figure out how to spend down your 2014 FSA? Search forcovered expenses via the Eligibility List or Shop for Products.
Please note: Employers are also allowed to offer a Carryover of FSA money (up to $500) to the next year. Not every FSA has this option. Alternatively, employers can continue providing an FSA Grace period. To find out which of these two options applied to your FSA, contact your FSA administrator this week.
Am I still allowed to use my 2014 FSA dollars?
March 15. Why is this particular date important? Well, if you have a Flexible Spending Account (FSA) and your plan year ran until December 31, 2014, you might still be able to use your 2014 money for a variety of FSA-eligible expenses.
FSA rules have changed a bit since 2013. The U.S. Treasury Department made some changes to the “Use it or Lose it” rule, which allowed employers to give people more options to spend down and use their FSA.
FSA plans could have:
1. A Grace Period - a two-and-a-half-month extension to use your remaining FSA dollars from 2014. In this case, you would have a March 15 deadline if your plan has the Grace Period extension.
2. A Carryover - allowing you to roll over up to $500 in remaining FSA money for use in the new plan year.
*Note: Your Plan cannot offer both extensions. It will either have a Grace Period or a Carryover, or neither (though this is rare).
Think you have this extension? Check in with your FSA administrator, and shop our selection of FSA eligible products!
Flexible Spending Account Grace Period Checklist (March 15)
When it comes to your health, it's good to stay on track with your Flexible Spending Account. Because these accounts have deadlines...and because they save you money on your out-of-pocket healthcare expenses, you'll want to remember to the account whenever you can. Whether you use an FSA for medical care, or to shop for everyday healthcare products, your FSA helps you save.If you're among those who still have FSA money left over from 2014, it's not too late to use the rest of your FSA. It's important that you use whatever is left, because any remaining money gets forfeited (if it's not used by the deadline).
We've created a simple checklist to serve as a quick reminder for your Flexible Spending Account. Not sure if you have a deadline on March 15 (to use your 2014 FSA money)? Ask your HR department or call your FSA administrator ahead of March 15!
1. Confirm your Deadline. Contact your FSA administrator to find out when exactly your plan-year deadline is, or ask your HR department about the details. You can also check your Summary Plan Description, which has all the information you need about your plan.
Not entirely sure if you have a Carryover or FSA Grace Period? Watch our video to learn more about both!
2. Check your balance and make sure to submit any claims. You can readmore aboutclaims filing for your Flexible Spending Account.
3. Schedule a medical visit. Did you know you can use an FSA when you visit a dentist? How about when you get an annual physical or when you get vaccinations? When was your last eye exam? (your FSA exam can cover the cost!)
4.Shop for everyday health products. You can shop for thousands ofFSA eligible products. To get a better idea about how to use your account, you can always check out our Eligibility List.
Do you have friends or coworkers with an FSA? Remind them to check for their deadlines, as well. It can be easy to forget about FSAs, but if you keep track of your funds throughout the year, you'll really maximize and save on health care.
Visit theBundlespage, or check out popular Goodiesfor healthcare products available with an FSA!
Other popular posts:
https://fsastore.com/blog/post/2013/11/07/Stocking-Up-on-One-FSA-Eligible-Product.aspx
Flexible Spending Account Grace Period coming?
Need to spend the rest of your Flexible Spending Account dollars from 2014? If you're among FSA holders who have a Grace Period, you have until March 15 to use your FSA money, or risk losing it.Trying to figure out how to best use the money?
2. Are you planning any travel this spring or summer? Check out FSA Store's Travel Essentials for surprising items you can buy with your FSA money.
3. Do you exercise a lot? Hot/cold therapy packs, elastic bandages and tape, and knee braces, are among many items covered by your account.
Kiplinger Mentions FSA (FSA Grace Period Deadline Approaching)
Have a Grace Period ending on March 15? Check out these tips to use your FSA funds!
Kiplinger recently mentioned FSA Store as part of its "Lesser-Known Ways to Spend Your Health FSA Funds by March 15" article. In the article, Kimberly Lankford describes different uses for remaining FSA funds - for those who have leftover money from their 2014 Flexible Spending Account.
FSAs can be used for many different medical expenses ranging from medical care not covered by typical health insurance, eye care and dental care, and thousands of healthcare products.
"Do I need to spend the money in my flexible-spending account by March 15? And I know I can use the money for my deductible, but what else can I use it for?"
To get the answer, read the full article viahttp://www.kiplinger.com/article/insurance/T027-C001-S003-lesser-known-ways-to-spend-your-health-fsa-funds.html
March 15 Grace Period provides final opportunity to use 2014 FSA dollars
For Some Flexible Spending Account (FSA) Holders, The March 15 Grace Period Provides A Final Opportunity to Use Remaining 2014 FSA Dollars
FSAstore.com Carries Thousands of FSA Eligible Products and Accepts FSA Cards
New York, NY (PRWEB) January 27, 2015 -FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products, is reminding the nearly 35 million Americans covered by an FSA that they may have a Grace Period to use their remaining 2014 funds. For FSA plans that ended Dec. 31, 2014, the Grace Period deadline is March 15, 2015. The Grace Period provides a last chance to maximize FSA funds and avoid forfeiting leftover money.
While a change to FSAs introduced a Carryover (employers can now offer their employees an option to carry over up to $500 in FSA funds to the next plan year), many FSA plans continue to have a Grace Period, which is a two-and-a-half-month extension to use FSA money from the prior year.
FSA plans cannot have both a Carryover and a Grace Period. FSAstore.com urges consumers to contact their FSA administrators to find out if they have a deadline extension. FSAs let individuals contribute pre-tax money for qualified medical expenses including over-the-counter items, dental and eye care, and medical services not covered by health insurance.Consumers can browse FSAstore.com'sFSA Eligibility Listto search and sort through products and services covered by Flexible Spending Accounts, Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), Limited FSAs and Dependent Care FSAs.
"Around deadline times, we reduce confusion about product eligibility that consumers often face at a drugstore when they're trying to deplete their accounts. Consumers need clarity, education and easy access toeligible expenses to fully maximize their accounts," said Jeremy Miller, FSAstore.com founder and president. "The March 15 Grace Period is the last chance some FSA holders have to use their remaining funds, or risk losing their hard-earned money."
About FSAstore.com
FSAstore.com is the only e-commerce site 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 FSA eligible products, and access much-needed information through the FSA Eligibility List and 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+.
