Health care “shopping” can be great if you know your way around. But it can also get overwhelming because there are so many options available. Flexible Spending Accounts (FSAs) can offer relief from increasing health care costs, because these benefit plans use pre-tax money for qualified health expenses.
Not only can you save on FSA eligible products, but an FSA also gives you access to health care services and thousands of everyday products such as sunscreen, contact lens solution, band-aids, heat wraps and baby care.
Each FSA plan year, employers take money out of your paychecks based on how much you choose to set aside. Beginning in 2013, FSA plan contributions are limited to $2,500 per person. Before you get an FSA, it is vital to calculate how much you want to spend using your FSA.
Because FSAs are “use it or lose it” any money not used is forfeited when your plan year ends. Some employers provide a grace period – or an extension of coverage – up to two and a half months. One big deadline coming up is on March 15.
FSAstore.com is a one-stop-shop stocked exclusively with thousands of FSA-eligible products, a national provider database and a Learning Center that answers FSA-related questions. You can save on FSA-eligible products throughout the year with FSA Store’s special offers. Check these out before your grace period ends on March 15.