Many Americans will have hundreds, if not thousands, of dollars disappear from their Flexible Spending Accounts at the end of the year. If this sounds like you, SingleCare can help you get the most out of those remaining FSA dollars before they disappear.
What is an “FSA”?
A flexible spending account (FSA) is a popular tax-advantaged financial account that employers can offer their employees. It allows the employee to set aside a portion of earnings (pre-tax) to pay for qualified expenses, such as dental care, prescriptions, deductibles, or other out-of-pocket health expenses. Because FSA contributions are pre-tax, you’ll save as much on your medical procedures as you would have spent on taxes. It’s a win-win, right?
Use it or lose it
Employers often remind employees to “Use it or lose it” toward the end of the plan year, to encourage usage of FSA funds before they are forfeited. Generally, FSAs expire at the end of the plan year, with some plans offering a grace period of up to 2.5 months, or a maximum carryover of $500 into the following year – but employers are not required to offer these options. Review your FSA benefits to get a full understanding of when your contribution gets forfeited and where the funds go if you can’t use them in time. Some employers allocate forfeited dollars as taxable income among all plan participants.
How to get the most out of your FSA dollars right now
Whether you’ve got a lot or a little cash left in your FSA, here are some excellent ways to use up the balance in your account:
- Get an extra dental cleaning: Most dental plans only cover up to two cleanings a year, but going for an extra one is a great choice.
- Replace a filling: Even if your filling hasn’t failed, you can get an upgrade to prevent future damage and expenses. Additionally, modern fillings are virtually invisible!
- Splurge on dental implants: If you’ve got a gap in your smile and still have the maximum amount of funds available in your FSA, a single implant can be enough to deplete your entire FSA contribution just in time for year-end.
- Bonus: SingleCare offers savings on many dental procedures, including implants, and FSA is a great way to keep out-of-pocket costs even lower. Simply submit your dental bill from SingleCare to FSA for reimbursement.
Medications and more
- Out-of-pocket Rx: If you pay out-of-pocket for prescriptions, pick up a few months’ supply before your FSA balance expires, and file the expense as a claim.
- Bonus: Search SingleCare for savings on prescriptions and see how much you can save! You can submit your pharmacy receipts to FSA.
- OTC products: Many over-the-counter medical items, for which you can get a prescription, can also be submitted for reimbursement to FSA.*
It’s so easy to sign up and save with SingleCare, if you haven’t already. Search and compare pricing for prescriptions and dentists in your area, show the pharmacist or receptionist your SingleCare card, and see the savings. With SingleCare, expect year-round savings and clear pricing, that’s both healthy for you and your wallet.
*Note: The IRS defines which medical expenses are eligible under a tax-deferred account. However, employers plans may also have their own set of eligible items. Please check with your benefits administrator to determine which expenses are eligible before you shop.