The clock is ticking and there's only a month left to spend your FSA. Here are 3 popular items to spend your tax-free dollars on:
Flexible spending accounts have become even more flexible this year, which is good news for people who need to find ways to use up their account money before they lose it all at the end of the year.
People who work for employers offering the flexible spending accounts can contribute up to $2,750 annually, according to IRS rules. The money goes into the account pre-tax and can be put towards expenses that aren’t covered by the employee’s health insurance plan. Americans had 28.8 million FSA accounts last year and there will be an estimated 30.2 million accounts this year, said Inci Kaya, lead analyst, health insurance and payments, at Aite Group, a Boston-based advisory research and consulting firm for financial service and insurance companies. Americans will use a projected $33.6 billion from their accounts this year, up from $31.7 billion last year, Kaya said.
The 23andMe report can show the chances of having Type 2 Diabetes, late-onset Alzheimer’s disease, celiac disease and other conditions. “23andMe’s Health + Ancestry Service, the only direct-to-consumer genetic test that includes FDA-authorized health reports, provides information that can be used to better manage your health, lifestyle and identify potential genetic risks for certain health conditions,” said Jacquie Haggarty, 23andMe’s vice president, deputy general counsel.
In addition to genetic testing, there are other new ways to use to use FSA money this year, including:
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