When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. What are Some Examples of Voluntary Benefits? Voluntary benefits include a variety of options, all designed to...
Use Your FSA Funds Before the End of the Plan Year
If you have a calendar year health insurance plan with a Flexible Spending Account (FSA), you’re running out of time to use up your FSA funds! FSAs are “use it or lose it” accounts, meaning that any unspent funds are lost when the new plan year starts.
Some employers allow you to roll over a certain amount (usually $500) of your FSA dollars to the next year. Check with your Advantage Administrators representative to find out if your employer allows rollovers.
If you want to make sure you don’t lose your money, here are a few ideas on eligible expenses you can spend it on before December 31st.
First Aid Kits and Replacement Supplies
Do you have a first aid kit in your home and every vehicle? Buy full kits or replace used or expired items in exiting kits. First aid kits, as well as bandages, antiseptics, aspirin, and other supplies, are FSA-eligible.
It may not be on your mind in the colder months, but sun protection, including sunscreen and SPF lip balm, are necessary year-round. Both are FSA-eligible.
Hot and Cold Packs
You never know when pain is going to hit. Buy hot and cold packs to have ready when you need them. Both are FSA-eligible.
Athletic Braces and Supports
It doesn’t hurt to have a few braces on hand for when knee, ankle, or wrist injuries happen. These types of braces are FSA-eligible, and so are arthritis gloves and compression socks.
For more ideas, the FSA Store offers a full FSA Eligibility List. If you have questions about Flexible Spending Accounts, rollover amounts, or open enrollment, visit our website or contact your Advantage Administrators representative today.