The end of the year is fast approaching, and we're all getting caught up in family celebrations and traditions. But between planning out Thanksgiving at Grandma's and working on your holiday shopping list, there's money set aside for you that you might have forgotten about: your FSA account. The pros at DME Supply USA are here to help you understand what this account is and how to use it before you lose it.
What Is FSA?
"FSA" stands for "flexible spending account," and it's often included as part of a health plan that you sign up for with your job. You can make contributions to this account out of your paycheck, and you won't have to pay taxes on the money. Many employers also contribute to employee FSAs, but it’s not required by law. The idea is that you can use the tax-free money you've saved in the account throughout the year on medical and dental expenses that aren't covered by insurance, including copays, prescription medications, and even some over-the-counter (OTC) items.
One of the potential drawbacks of having an FSA is that the money typically needs to be used by the end of the health plan year. Your employer may allow you to carry up to $500 over to the next year or to provide a "grace period" of up to 2.5 months for you to use the money, but it's not required.
How Can I Spend My Money?
Before you worry too much, check your health insurance plan to see how much money you have in your FSA and when your plan year ends; most health care plans coincide with the calendar year, but not all do. Then find out what your options are if there is a lot of money in the account – can you carry any over or will you lose it all?
In many cases, you will want to spend your FSA money before the end of the year. There are a lot of options open to you, besides trying to fit in all of those dentist appointments for the kids or last-minute doctor visits. Check out this helpful infographic, and read on for more suggestions for things you can spend your money on.
Other ways to spend your money:
- Bandages and first aid kits
- Prescription glasses and reading glasses
- Chiropractor visits
- LASIK eye surgery
- Insulin
- Childbirth classes
About DME Supply USA: With more than 20 years of combined service in the healthcare industry, DME Supply USA works to provide the best prices, best service, and highest care possible to our customers. We offer a wide range of durable medical equipment, including sleep therapy equipment, respiratory equipment, and mobility products. Check us out at dmesupplyusa.com for more.
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