The end of 2012 is 24 hours away! It’s almost time to celebrate the New Year, reminisce about 2012 and set your New Year’s resolutions. However, the end of the year is also an important moment to think about your Flexible Spending Account (FSA). Many flexible spending account (FSAs) plan years end on Dec. 31, so you should make sure to check your account and spend down your remaining balance before it’s too late! It’s “use it or lose it” and won’t roll over to your next plan year.
Using your FSA funds
Wondering how to spend your remaining FSA dollars? Check out FSAstore.com, which offers thousands of FSA eligible products in categories such as baby care, diabetes care, skin care, first aid, pain relief and smoking cessation. You can look at FSAstore’s Dynamic Product List to see exactly which products are FSA eligible with or without a prescription. You might be surprised to find that sunscreen, reading glasses, lip balm, heat wraps and even eye masks are FSA eligible! Or you can check out FSAstore’s service list 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.
The end of your plan year is also a time to think about what you want to contribute to your FSA in the upcoming year. Keep in mind new health care regulations are bringing changes to FSA contribution limits. For plans starting on or after Jan. 1, 2013, there will be a $2,500 annual cap on contributions. Need help figuring out how much to contribute to your FSA? Use the FSAstore Calculator to help estimate your annual health spending, and determine just how much you’ll save using an FSA.
If you’re reading this too late, and your plan-year has already passed, don’t worry! Most plans have a grace period of up to two-and-a-half months for you to spend down the remaining balance of your account before forfeiting your funds. Don’t forget to check FSAstore.com to spend down, stock up, and meet all of your FSA needs!
FSAstore wishes everyone a Happy New Year!