The end of the year is fast approaching, and that means your Flexible Spending Account (FSA) dollars are about to expire. If you’re not familiar with an FSA, it’s a tax-advantaged account that lets you set aside money to cover eligible medical, dental, and vision expenses. The money you contribute to your FSA is deducted from your paycheck pre-tax, which can save you a significant amount of money each year. However, any money that remains in your FSA at the end of the year is forfeited, so it’s important to use up your balance before December 31st. Here are a few tips for using up your FSA before it expires:
Schedule any necessary medical appointments:
If you’ve been putting off going to the optometrist or scheduling that doctor’s appointment, now is the time to do it. Most FSAs cover a wide range of medical expenses, so there’s a good chance your appointments will be covered.
Stock up on essentials:
If you wear contact lenses or glasses, take advantage of your FSA by stocking up on supplies before the end of the year. Similarly, if you have a child who uses orthodontic appliances such as braces or retainers, FSA dollars can be used to cover the cost of replacement parts and repairs.
Plan ahead for next year:
If you know you’ll have eligible expenses next year, consider using your FSA dollars to pay for them in advance. For example, you could schedule trips to the optometrist or dentist now and pay with your FSA card. That way, you’ll have the expense covered when next year rolls around.
With these tips in mind, you can make sure you maximize your FSA benefits and avoid losing out on any of your hard-earned money.