All year your employer has been taking money out of your paycheck and setting it aside in a Flexible Spending Account (FSA). This is great because you saved money, tax free, to use on medical expenses! But, you only have until the end of the year to use your money or else you lose it. So far you have only used a small amount, now what?
It can be difficult to use up FSA money with just a few weeks left to the year and no medical expenses in sight. At Blink Eyecare, all services and most products are approved for Flexible Spending Accounts.
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Understand your employer’s plan. Each plan sets its own rules. Your company’s plan may be more restrictive than what the IRS allows. However, there may be a grace period or a set amount that you may carry over to next year. Ask your plan administrator for details.
Estimate accurately. Predicting how much money you will need each year to cover medical expenses can be difficult. Be sure to include co-pays, coinsurance, deductibles, prescription medications, dental, and eye care. Remember your funds can also be used for your spouse and dependents, so include their annual medical expenses too.
Benefit from the tax savings. Money saved in an FSA is set aside with your pre-tax dollars. Also, some employers help by making a contribution to your FSA as well. Curious how much you save by using an FSA? Use this calculator.
Keep your receipts. Your FSA plan and the IRS have the right to verify that your funds were used for approved medical expenses. Make sure to keep a copy of the itemized receipt, not just your credit card receipt.
Remeber to use your FSA money before the end of the year.
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