This year you may be able to roll over the unused money in your flexible spending account. But if not, here are ways to spend the balance.
Is your healthcare flexible spending account balance burning a hole in your pocket? Don’t rush to spend it just yet.
The accounts, known as FSAs, allow you to set aside pre-tax income to spend on qualified medical purchases. That includes doctor’s bills, co-pays and prescriptions — as well as a lot of over-the-counter medications and other health-adjacent products and equipment. The maximum amount you could set aside for an FSA in 2021 was $2,750. Most years, you can only roll over some of that balance to the following year. If you didn’t end up having many medical bills that year, December sometimes winds up being a hustle to spend the rest. Workers who forget wind upBut this year, things are different.
. If your workplace opted in, you may be able to roll over the entirety of your remaining balance to 2022. Contact your benefits provider or human resources department and ask whether your employer is participating.If they aren’t, there are lots of ways to use up your FSA balance. Pharmacies like CVS and Rite-Aid allow you to use your FSA card just like a debit card. Swipe your FSA card first at checkout and payment for all eligible items will go through.
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