It’s the most wonderful time of the year….to use up all of your FSA funds before they expire. December 31st is “use it or lose it” time for many health insurance plans and most likely your 2021 FSA plan is no different.
Flexible Spending Accounts (FSA) allow employees to set aside pre-tax dollars to cover eligible medical expenses that are not covered by another type of insurance. Since the money contributed to an FSA account is not subject to taxes, employees are able to increase their take-home pay. This is an amazing way to save money, plan medical expenses, and cover those co-pays and other out-of-pocket expenses. If you belong to your company’s Flexible Spending Account program (FSA) you will want to make sure you have spent your funds before January 1st. The IRS allows Health FSA plans to carry over up to $570 to the next plan year, so if you have more than that amount still available to use, don’t miss out!
If you have money left, but don’t know what you can spend it on, we’ve got some suggestions! You can always make an appointment at the dentist for a cleaning, or you can make a visit to your eye doctor for an updated prescription and a fabulous pair of new frames. (Sounds like a great treat yo’self moment to me!) Here is a list of other eligible expenses:
- Dental services
- Eye care services
- Prescription drugs
- Medical bills
- Chiropractor
- Labs/tests/X-rays
- Therapy sessions
- Medical equipment/supplies
- First Aid supplies
- Diabetic testing and aids
Contact your FSA administrator for more details before the New Year!
Contact
Interested in learning more about Worthy Insurance? Please email us at hello@worthyinsurance.com or call 773-945-9000.
Worthy Insurance is a niche broker with a focus on providing insurance placement and risk management services to the Healthcare, Manufacturing, Social Service, and Main Street business communities. Here at Worthy Insurance, we love to provide you with exciting and fun articles to learn more about insurance and how it impacts your life. Visit our other blogs to find more information.
While Worthy does offer a wide variety of insurance coverages, our main coverages include property coverage, worker’s compensation insurance, general liability, professional liability, and cybersecurity coverage. To find out the best coverages for your company, use the contact form below so you can be at ease knowing your company is covered. For personal insurance, please visit Vero Insurance.
