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Healthy You

FSAs: Don’t Let Your Money Slip Away

Thursday, December 01, 2022 11:21 AM

It’s that time of year… for the “use it or lose it” Flexible Spending Accounts (FSA). Generally, these tax-free accounts are offered through employer insurance programs.*

FSAFlexible Spending Accounts (FSAs) provide you with a tax-advantaged savings account, which can save you money on doctor visits or dependent care. You choose how much you’d like to save into your FSA over the year, and each pay period an equal portion of your election amount will be deducted on a pre-tax basis.

FSAs are very helpful for those who enroll, however, if you don’t spend the entirety of the account by Dec. 31, you forfeit the remaining balance. This is the time of year to review your account and if you have remaining funds, plan to take full advantage of the benefit. Fsastore.com provides ideas and options to order if you are looking to spend any remaining funds.

Here are some things you may not know:

  • As long as you are married when service is rendered or item was purchased, your spouse and dependents are included in your FSA eligible expenses. (No need to be on the same insurance plan.)
  • Although FSAs are limited to one calendar year, participants have until March 31 of the following year to turn in any receipts for reimbursement.
  • For 2023, you can contribute up to $3,050 to the Health Care FSA.
  • During your employer’s Open Enrollment period you can adjust the amount you’d like to save for the following year.

The IRS provides a very detailed explainer of how you can use FSA funds. You might be surprised at what is reimbursable. Here is just a highlight of long list of eligible expenses.

  • Breast Pumps and Supplies
  • Chiropractor Care
  • Contact Lenses
  • Dental Treatment
  • Drug Addiction Treatment
  • Eye Exam
  • Eye Surgery
  • Hearing Aids
  • Menstrual Care Items
  • Pregnancy Test Kit
  • Psychiatric Care
  • Psychoanalysis
  • Stop-Smoking Programs
  • Vasectomy

Keep these in mind as you plan future elective medical procedures. You may be able to afford something you didn’t think was possible with your current insurance alone – like Lasik eye surgery.

*Make sure to check your employer’s specific FSA plan for any variations.