Don’t Lose Your 2012 FSA Funds—Use Them By March 15th #flexspending

fsa store


use promo code BLOG5 at checkout to receive $5 off your order of $50 or more

When I was employed as a mental health therapist, I was very fortunate that the majority of my employers offered the Flexible Spending Account {FSA} benefit. FSAs are governed by the Internal Revenue Service and allow an employee to direct their pre-tax income into an account set aside for health-care expenses. Diverting pre-tax income into a FSA also reduces the amount of payroll taxes one has to pay {and hey, I’m all for paying less taxes}.

The dollar amount an employee can deposit {into a FSA} is regulated by the IRS and the employer. At my last job, I was able to set aside $5,000 {which was the maximum amount my employer allowed}. This ended up being a godsend because I was diagnosed with  Multiple Sclerosis during my employ.  The FSA card allowed me to pay for physician/prescription/diagnostic copays.  The $5000 was spent quickly but I was very grateful for the program.

One of the caveats of participating in a FSA is that the funds in your account must be spent by a certain time period {usually the end of the calendar year}. However, some employers are kind enough to offer grace periods.

The grace period for 2012 FSAs is approaching rapidly———>March 15th, 2013.

Grace periods are VERY important to pay attention to if you have a FSA because this is the deadline for “using it or losing it.” If you don’t use the remaining funds in your FSA, your employer has the right to retain those funds to cover the plan’s administrative costs. Do you really want your pre-tax income to be reverted back to your employer? 

If you have FSA funds remaining and are confused about what you can and cannot buy, I recommend visiting fsastore.com. They guarantee that all the products they sell are FSA eligible or you get your money back.

The FSA Store’s website is also very user-friendly. Their site is clean and uncluttered with helpful icons that advise you about a product’s FSA status.

 

fsa store eligible

fsa store prescription

Plus, there’s FREE shipping on orders over $50.

For all of my blog readers:  use promo code BLOG5 at checkout to receive $5 off your order of $50 or more.

Please: 

Don’t lose it, use it!

Grace period ends:  March 15th

 

 

 

 

 

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