As the year draws to a close, I wanted to highlight something in the financial side of things. Do you have an FSA? Being a small business owner, we do not. FSAs are Flexible Spending Accounts your employer must offer you if you get your health insurance through them. You can then withhold pre-tax money and put it into the account and save it up for those times when your insurance does not cover something.
My friend Kelly – the financial genius behind Centstible Life – said FSAs are a smart move because : FSAs are a great tool to help you stretch your health care dollars further. They make it easier for people to pay for expensive co-pays, therapies, and medications. She explained that yes – even dental bills are covered by FSAs.
Good news, you can use your FSA debit card to purchase many over the counter products too! FSAstore.com carries products like double-breast pumps, first-aid supplies, contact lens supplies, external pain relief, and more! And they offer free shipping on all orders over $50 – and many of their items are discounted too.
As per Mississauga AED Course, it is a must to learn even just the basic first-aid like cpr, use of aed and etc. Especially when you are living independently.
If you are like me, and your knowledge of FSAs is pretty low, then FSA Store is a valuable resource. They have a knowledge center with tons of helpful information. For example, I learned that over the counter medicines require a prescription to be reimbursed by your FSA.
And you don’t have to have an FSA to shop here either. I don’t have one and I really want to buy some of these products because of their awesome prices. They accept major credit cards too.
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Do you have an FSA? What have you used it for?
This post sponsored by FSAstore.com. All opinions are 100% my own.
We do not have an FSA. Maybe we should? I will look into it! Thanks for the info!
I’ll have to double check to see if you have one with my husband or not…
We’ve never done an FSA. I’m leery about them because if you don’t use up all the money in your FSA you loose it and we seldom have to go to the doctor. I’ve been told it won’t roll to the next year. Just might want to check that out before investing too much money in one. Other than that i think they are a great idea. My friend was able to pay for her eye laser correction surgery using her FSA. She was very happy with her experience.
Excellent point Deb! Your kids are grown….dr visits are less. But I have 3 kids under 6 years old. I can’t tell you how much I spend on copays every year….how much I spend on Dentist visits….For some people FSAs are very much used, others they are not.
And yes – you need to spend the FSA you DO lose it. That is why this post is so timely. People can spend their FSA money at FSAstore.com before the first of the year to buy supplies like contact solution and Prilosec 🙂
Yes, I love that this post is timed perfectly to remind people to spend their FSA. I used to work in HR and I hounded the employees all through December to make sure they spent their money 🙂
The one benefit of older kids is fewer visits to the dr. I remember the days of all those copays…wish I would have known about FSAs then.
I wish I would have thought of this when we signed up for 2013 insurance. I would have put money in it for eye laser surgery. It’s something I’ve always wanted but can’t afford to pay for all at once. Any FSA could have really helped.
It also helps if you have anyone in your family who has eyeglasses or contacts. If we don’t use ours we go splurge on new frames and glasses at the end of the year. Another way to use it is for years you know you’ll have big expenses like braces or a scheduled surgery.
We’re military so no FSA, but this is good to know for the future.