Flexible Spending Accounts (FSAs) save on healthcare costs with pre-tax dollars covering medical expenses. However, unused funds typically expire. Click here to check out the Wall Street Journal article to hear from HealthEquity and others about how to maximize FSA benefits and more.
With FSA deadlines approaching, now is the time to make a plan for using your remaining balance. Many employees forget that unused FSA funds are forfeited at the end of the plan year, though some plans offer a grace period or allow a small rollover amount.
Schedule dental cleanings, vision exams, and other preventive care appointments. Stock up on contact lenses, prescription sunglasses, and over-the-counter medications that qualify under your plan. Consider physical therapy, chiropractic sessions, or mental health counseling — all of which are typically FSA-eligible expenses.
Use this year's experience to inform your next FSA election. Track what you spent and adjust accordingly to avoid leaving money on the table.
