joinbinkeyusa   Album Posted Mar.17th, 2023, viewed 6 times

Joinbinkey.com Reveal's Smart Tips for Using Your FSA by the End of the Year

What are your options for unused FSA funds at the end of the year? An FSA or flexible spending account is a savings account used to cover eligible medical and healthcare expenses. Dental care and specialist care may also be covered. You are required to use the funds by end of the year unless your employer offers a grace period for qualifying items or services. Checking the flexible spending website for your FSA card may provide detailed information about qualifying expenses your funds can cover. The following tips can help determine how to use FSA funds by the end of the year.

Get Over-the-Counter Items You Use Regularly
When using your FSA, it is essential to review what over-the-counter items are flex spending eligible. Use the funds to purchase items you plan to buy, such as pain relievers, heating pads, or eye pillows. Some retailers have designated sections on their websites for health spending accounts (HSA) and flex spending accounts. Browse the selection to see what products they offer that you can use. Some products, such as first aid kits and vitamins, may be covered.

Stock Up on Feminine Care Products
Consider stocking up on feminine care products used for menstrual care. These products became a qualifying item in 2020. Unlike over-the-counter medications, feminine care products don’t expire, so you can stock up and store them for later use. Even if you accidentally buy more than you use, consider donating what you don’t use or have some set aside for friends or family members.

Use the Grace Period to Get Dental Care
Dental services are a typical flex spending eligible option, but sometimes it helps to schedule the service at a specific time to help you save. People may find it convenient to schedule services during their time off around the holidays, but if your plan has a grace period, you can schedule it for the following year. The average grace period is about two months into the next year. The funds can carry over to the new year to cover the expense. Dental care may include services for yourself and your family members.

Make Sure You Know Which Account You Have
Based on who issues your flex account, they may provide detailed information about using your funds through their flexible spending website. Make sure you understand the type of account you have. Is it an FSA or HSA, or both? Understanding your account determines the best way to use the funds. Knowing this information is essential for tax filing. Some people refer to the accounts interchangeably because they can both be used to cover qualifying medical expenses. The HSA lets you save money without paying taxes. To help use FSA funds wisely by the end of the year, plan for next year by considering the medical and healthcare expenses you expect or anticipate. Making plans also ensures money is used and not wasted.
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