Every family has health concerns and wants access to the best care available. Everyone also wants to maximize savings as much as they can.
Do you have a Flexible Spending Account, also known as an FSA, an employer-sponsored benefit add-on that allows employees to set aside pre-tax money for qualified health expenses?
We’ve been using it for years and it has saved our family so much. While the FSA has changed over the years, it’s still something we take advantage of EVERY YEAR!
Benefits of having a Flex Spending Account
An FSA lets you cover health care expenses not covered by traditional insurance plans. Before opting in to an FSA during open enrollment, you should first estimate how much you will contribute to the FSA. Starting with plans in 2013, the annual contribution limit into a Health Care FSA is $2,500 per person.
Many FSA plan years have a December 31 deadline, but some employers offer coverage extensions through a 2 ½ month grace period. For those with a grace period, one upcoming deadline is March 15.
It’s important to check and see if you have a grace period, so you don’t let any unused funds disappear.
Next week, March 15th is an important deadline date if you do.
Eligible Products with an FSA:
- Blood pressure monitors
- Breast Pumps and other baby care
- Hot and cold packs
- First aid kits
- Shoe inserts
- Contact lens solution
A great resource for those with FSAs is FSAstore.com – a site exclusively selling thousands of FSA-eligible products and answering FSA-related questions through an online Learning Center. For more information on FSAs, or help with figuring out how much to contribute and which FSA eligible expenses qualify, visit now.
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(Sponsored post. All opinions are my own, and our family has benefited greatly from our FSA.)