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, 2018 to spend any unused money currently available in your 2017 Health FSA. After March 15, unused money will be forfeited under IRS rules. (Note: your plan also has a run-out period, which is when you can submit claims for expenses incurred during the plan year and grace period.)
Don’t panic – whether you have a significant balance remaining or just a few dollars, here are some helpful ideas to exhaust your account quickly!
- Stock up on eligible healthcare items.
P&A Group’s vendor partner, FSA Store, offers thousands of pre-approved discounted FSA eligible items that are ready for purchase online. Earn points on items you purchase and get free shipping on orders $50+. Sample items: blood pressure monitors, pain relievers and travel essentials. Browse eligible expenses.
- Dental and vision expenses. Did you know that your Health FSA also covers dental and vision costs? Use your FSA to purchase eligible items like glasses and contact lens solutions. If you’re able to squeeze in an appointment to see your dentist or optician, use your FSA to pay for the cost of the visit.
- Over-the-counter prescription medications. OTC medications, like Tylenol and Benadryl, require a doctor’s prescription in order to be reimbursed from your FSA. FSA Store has a built-in prescription process in place to make the process easier. Simply provide your physician’s info and FSA Store handles the rest. Learn more.
To help you determine the right amount to contribute to your FSA annually, check out P&A Group’s interactive calculator.