At the end of the year, you may still have FSA benefits left over—ones that you should plan to use before they expire. If you’ve been putting off taking advantage of them—or you are wondering about some FAQs about FSA benefits—now is the time to get the ball rolling. Even if you’ve never heard of FSA benefits, they have the potential to offer life-changing assistance. Here’s what these benefits are—and how they work.
What does “FSA” stand for?
Let’s start off with one of the biggest FAQs about FSA benefits. The acronym “FSA” stands for “flexible spending account.”
What are FSA benefits?
Do you put aside money each month to go into an FSA? If you do, then you have a special account designed for your personal health care—and all the money you save there is tax-free. In other words, FSA benefits help you save on health care costs!
What health care expenses can FSA benefits cover?
FSA benefits can cover eye care, dental care, prescribed drugs, copayments, and even medical equipment. Your FSA savings are capped per employer.
How much money can I save in my FSA account?
There’s a limit on how much you can save in your FSA. This can be a good thing, as it keeps prepared savers from losing out on a whole bunch of money once the year ends. Each person can have up to $2,650 per employer.
Who can use my FSA benefits?
Good news—you can share your FSA benefits! If your spouse or one of your dependents is in need of medical care, you can draw from the money saved in your FSA.
Do FSA benefits expire?
Yes! You will have until the end of the calendar year to spend the money in your FSA. Otherwise, it will go away once the next year begins. However, it’s possible that your employer’s plan offers a grace period of two and a half months, so make sure to ask your employer about the money rolling over.
Can I use my FSA benefits at my local Mississippi Eye Care clinic?
Absolutely! Come visit us before the year ends for a vision test, new glasses or contacts, and more.
The year always goes by so quickly. That makes it easy to forget about your FSA! No longer! Now that you know more about the main FAQs about FSA benefits, you have the knowledge you need to succeed. So go ahead—set up an appointment at your local Mississippi Eye Care clinic on our website. Finally, if you’re interested in opening up your eyes to more facts on vision care, check out our blog.