With the end of the year fast approaching, it's crucial to remember the deadline for spending your Flexible Spending Account (FSA) funds. Learn how to maximize your FSA benefits before they expire.
Time is running out fast to spend any money left in your Flex Spending Account, or FSA . You have until midnight on Tuesday, Dec. 31, to spend money in an FSA or risk losing it. You may want to make an appointment right away to see a health practitioner, or buy health-related items before Jan. 1. We're talking about pre-tax money you have deposited from your paycheck into your FSA , which can be used to pay for health-related expenses, such as medicines, doctor visits, and contact lenses.
Roughly half of FSA account holders forfeited money in 2022, by an average of $441, according to the Employee Benefit Research Institute. FSA funds cannot be carried over to the next year. FSA funds can now be used for a wide variety of health-related expenses, including medical treatments, insurance deductibles, co-pays, medicine, sunscreen, yoga classes, ear plugs, and fertility trackers. They can also be used for weight-loss plans or fitness classes with a letter of medical necessity from your doctor. There are tools that can help you spend it by the deadline. One is the FSA Store, an online marketplace of 2,500 FSA-eligible items. Plus other retailers, including Amazon, Walmart, and Walgreens, offer online FSA stores, as well. And the Instacart app and website now let shoppers use FSA to pay for eligible items from thousands of retailers that can then be delivered to you the same day. While you need to make your FSA purchases before Jan. 1, some plans allow you to submit receipts until March or April of the following year, depending on the plan. Once you submit them, you'll be reimbursed for the cost
FSA Healthcare Health Expenses Spending Deadline Flexible Spending Account
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