Is the March Deadline Approaching for your 2016 Flexible Spending Account?

15 march calendar sheet with red pin.

How to Use Your 2016 Funds Before March 15! 

If your Flexible Spending Account (FSA) plan is on a calendar plan year (January 1 – December 31) and your plan offers the grace period, you have until March 15, 2017 to spend any unused money currently available in your 2016 Health FSA.  After March 15, unused money will be forfeited under IRS rules.

Don’t panic – whether you have a significant balance remaining or just a few dollars, here are some helpful ideas to exhaust your account by the approaching deadline.

  1. Doctor fees and checkups. With just two weeks left until 3/15, there may be time to schedule that physical or blood work you’ve been putting off for months.  While an annual physical may covered in full by your insurance, blood and lab work are usually not.  Use your Health FSA to pay for these out-of-pocket expenses and get your medical records updated.
  1. Dental and vision visits. Did you know that your Health FSA also covers dental and vision expenses?  Consider making a trip to your dentist or ophthalmologist and pay for the visit with your Health FSA.  If there’s not enough time to schedule an appointment, you can also use your Health FSA to purchase eligible items like glasses and contact lens solutions.
  1. Stock up on eligible healthcare items. FSA-Store
    P&A Group’s vendor partner, FSA Store, offers thousands of pre-approved discounted FSA eligible items that are ready for purchase online.  Consider investing in a First Aid Kit for your car (you never know when this will come in handy), or other items like a blood pressure monitor or heating pads and wraps.  Visit here to browse eligible expenses.

To help you determine the right amount to contribute to your FSA annually, check out P&A Group’s interactive calculator.

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