It’s open enrollment season. Each year, this period of time lets you change or select new benefits at work. Flexible Spending Accounts are part of the open enrollment if your company offers them. These accounts let you save pre-tax money for qualified expenses. You have to opt into an FSA each year since enrollment is voluntary. Contributions for the FSA are limited to $2,500 per year (per person) for 2013.
Calculate expenses in a few minutes before you enroll to maximize your FSA benefits.
It’s easy with our FSA savings calculator!
An FSA savings example:
Step 1: Plug in personal information (income, marital status and state). FSAstore.com does not store this private information anywhere!
Step 2: Calculate medical expenses such as routine office visits, specialist office visits, expected surgery and chiropractic care.
Step 3: Estimate expenses for over-the-counter medications, prescriptions, and medical supplies. *Many FSA products are eligible without a prescription, but anything containing medicine requires a prescription for FSA reimbursement.
Step 4: Calculate dental care costs. Out-of-pocket costs (co-pays, deductibles) for cleanings, x-rays and fluoride treatments are FSA eligible. Braces can be FSA eligible, but it depends on your individual FSA plan if that expense is covered.
Step 5: Vision care is FSA eligible. Figure out which out-of-pocket expenses you’ll need covered whether for an eye exam, glaucoma testing, glasses or contacts or even LASIK.
Step 6: Get an overview of all of the final expenses and see your estimated tax savings immediately.
IMPORTANT FSA TIPS: Your employer sets limits on your maximum annual contribution, so check in before making a final contribution. Carefully plan your FSA contribution. Unused FSA funds are forfeited at the end of plan year or grace period.