With the end of the year approaching, it's important to make sure you use up all the money in your flexible spending account (FSA) before it disappears. If you're not sure what an FSA is or why it's important to spend your pretax dollars, don't worry, we've got you covered.
An FSA is a benefit offered through many employer benefit plans that allows you to set aside pretax money for eligible health care-related, out-of-pocket expenses for yourself, your spouse, and dependents. This pretax money is meant to be used on eligible health care expenses throughout the year, and it's important to keep track of the deadline to spend it all. Most FSA plans operate under a “use it or lose it” policy, meaning any money left in your account at the end of the year will be forfeited.
The good news is that many employers provide a grace period of up to two and a half months into the new year for you to use the money. This gives you until March 15 to spend it all, but be sure to check with your employer as grace periods can vary.
To make the most of your FSA funds, consider stocking up on eligible health care products and items at the FSA Store. From skincare bundles to first aid kits, there are plenty of options to choose from. Make sure to take advantage of these offerings before the deadline hits to make the most of your FSA benefits and keep your health in check.