If your Flexible Spending Account (FSA) plan year ends December 31, or if you’re just looking for some ways to use your account, here are some ideas.
- Squeeze in any medical or dental appointments, if you can. Have you been putting off a physical? Is your child(ren) or spouse overdue for a checkup? Schedule those annual exams and use your Health FSA to offset any out-of-pocket expenses you may incur. December is a super busy month for many people and while you may not have enough time by year end to get an appointment, call your provider and see if there is any availability.
- Ring in the New Year with a new pair of prescription shades. Do you need new glasses or prescription sunglasses? Treat yourself to a new pair, and use your FSA too. Other vision expenses, like exams, contact lens solution and more are also eligible for reimbursement under the FSA plan.
- Shop online at FSA Store. Browse thousands of pre-approved discounted eligible expenses. Get $10 off your first order, and experience other great savings too!
- Check to see if your employer offers the grace period or Health FSA rollover. Some employers adopt these provisions, which gives participants more time to exhaust their FSA balance. A grace period is an extension of the 12 month plan year during which you can continue to use your prior year’s FSA. The rollover feature, on the other hand, allows a dollar amount up to $500 of unused funds to roll over into the next plan year. An employer can add the grace period for the Health FSA, or offer the Health FSA rollover, but not both. Check with your HR Department or Summary Plan Description (SPD) to see if your plan allows for either of these provisions.