Using Your Flexible Spending Account Before You Lose It

As we near the end of 2016 it seems like there is an ever growing list of to-dos, wouldas, couldas and shouldas that seem to pile up. While you’re budgeting for your holiday shopping, it dawns on you that your Flexible Spending Account is a ticking clock. Once that clock strikes midnight on December 31, the money you’ve been saving may vanish. With many Flexible Spending Accounts (FSA) whatever portion contributed in the calendar year that is left unused at the end of December – is lost. Some healthcare plans allow flexible spending to rollover into the next year, restricted to $500 or they can offer an extra 2 1/2 months to use the balance, but there is no guarantee. It’s best to plan to use your complete balance before the end of the year as it is your hard-earned money. Now, the good news!

What Can I Use A Flexible Spending Account For?

In order to best use your account you need to know exactly what qualifies as FSA eligible expenses. Your FSA account can be used for certain medical procedures, prescriptions, over-the-counter medicines, and medical supplies, among other things. You can also use your flexible spending toward eye exams, laser eye surgery and eyeglasses. If you are planning to use your balance for a medical procedure, you will need to schedule the procedure to take place during the coverage period of the FSA. If your coverage ends at the end of the year, you will need to have your consultation, the procedure, and pay for it all before the end of the year. Make sure to give us a call so we can discuss your options.

Depending on the type of flexible spending account you have, you may have some out-of-pocket costs for your expenses and you can obtain reimbursement by the account. Keep all receipts for co-pays, medical related expenses, and any documents from doctor’s visits in case you need to submit them with your reimbursement paperwork.

If you’ve forgotten about your FSA contributions, it can feel like finding $20 in your pocket. Don’t let your hard-earned contributions waste away. If you’re considering using your funds for an eye-related procedure, now is the time to start planning. Schedule an initial visit with your doctor or qualified medical professional to determine what would be best for you. For more information on our services or how we can help, contact us.

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