Every family has health concerns and we all want access to the best care available. Some people might not even realize that different benefit plan options exist for them. This is really great because not all families are alike therefore we can’t all be expected to use the same cookie cutter plan right? One option is a Flexible Spending Account (FSA) – an employer-sponsored benefit add-on that allows employees to set aside pre-tax money for qualified health expenses.
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.
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
I don’t know about you but I am shocked! I have everything on the above list and had no idea I could be claiming them with an FSA account!
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 FSAstore.com.