FSAstore President and Founder, Jeremy Miller, recently offered tips on year-end spending for Flexible Spending Accounts in U.S. News & World ReportMiller advised FSA participants to “check their balances and pending transactions” for the end of the year.
As 2012 is almost over, it is crucial that your FSA funds are spent or they get forfeited because of the “use it or lose it” rule. This time of the year also marks the annual open enrollment period in which people elect their health insurance options – including signing up for an FSA. Before your plan starts, you should carefully calculate how much to contribute to the FSA. If you want help estimating your FSA health spending, you can use our FSAstore Calculator.
Health care reform is impacting FSA plans a bit. As of Jan. 1, 2013, there will be a $2,500 cap on yearly FSA contributions. FSA benefits don’t only extend to individuals though, as Miller pointed out. “The FSA can be used for you, your spouse, dependent kids, grandparents, or anyone who is dependent,” he explained.
If you need ideas on how to spend your last FSA dollars, browse FSAstore.com for thousands of FSA eligible products!