Summary List Placement
FSA dollars work on a use-it-or-lose-it provision. The deadline is usually December 31, but some plans extend to March 15 of the new year.
FSAstore.com makes it easy to spend that money before it’s gone. They have over 4,000 items that are guaranteed to be covered by your FSA.
Right now through the end of February, use promo code FSA10INSIDER to get $10 off orders of $125 or more and code FSA20INSIDER to get $20 off $200 or more.
Read more: A financial planner explains how much you should put in your FSA vs. your HSA before the end of the year
FSA money usually has to be used by the end of the year, but many plans have extended that deadline to March 15. If you’ve got FSA bucks to spend and an extended deadline, FSAstore.com is a great option to shop from — and we have an exclusive discount code for you. Use promo code FSA10INSIDER to get $10 off orders of $125 or more and code FSA20INSIDER to get $20 off $200 or more.
Read on to learn more about your FSA dollars, and how you can avoid letting your money go to waste.
Table of Contents: Masthead StickyWhat is FSA?
Many employers offer access to Flexible Spending Accounts, which let you put away pre-tax dollars for eligible healthcare products and services (think everything from surgery and medical bills to thermometers and first-aid kits). Storing money in an FSA account is a great deal, provided you spend it before the deadline.
How does FSA work?
FSA operates on a use-it-or-lose-it provision; you must spend the money in your FSA account by the end of the year or risk losing it for good. Many employers offer either more flexibility with a two-and-a-half-month grace period (until March 15, 2021, rather than December 31, 2020) or let you roll $500 into the next year. They can’t offer both.
FSA Store estimates that more than $400 million is forfeited every year in FSA funds because employees either miss or forget their spending deadlines (based on estimates using data from the 2017 FSA and HSA Consumer Research conducted by VISA). It’s your money and it’s pre-tax — it doesn’t make sense not to use it.
What can you buy with your FSA money?
You can use FSA dollars to pay for medical expenses that aren’t covered by a health plan, like co-pays, deductibles, dental and vision care, or dependent daycare, though eligible expenses can vary based on the plan. But if it’s nearing the end of the year and you haven’t used your money to help meet your deductible or pay medical expenses, you have the option of spending it on supplies like over-the-counter medication.
The nitty-gritty details depend on the plan your employer has in place, but you can skip the burden of research by shopping the selection at the FSA …read more
Source:: Business Insider