One of my biggest expenses every month is health care. Did you know there are ways to save on health care which also get you access to health care products and different health care services? A Flexible Spending Account (FSA) can help. Through your FSA, you can put away tax-free money towards certain health care expenses. Tax free! I love that part the best!
The FSA gives you access to services such as chiropractors and even LASIK that your regular insurance plan likely won’t cover. (I am seriously tempted to get LASIK – goodbye glasses!) As you sign up for an FSA, figure out what you might your FSA for during the plan year and then estimate how that will fit into your budget. You can contribute up to $2,500 a year per person to an FSA. That means, if you and your spouse before opt into one that gives you a total of $5,000 in tax-free money to put towards health care.
If you have an FSA that had a December 31 deadline (many plans do), you may have a grace period that extends coverage until March 15! Check in with your FSA provider to see if your plan has the grace period, TODAY!!
Popular FSA Eligible Products:
Blood pressure monitors
Breast Pumps, prenatal vitamins
Hot and cold packs – heat wraps, eye masks
Sunscreen, sunscreen lip balm and sunblock
First aid kits and Band-Aids
Gel shoe inserts
Contact lens solution
A great resource for anyone with FSAs is FSAstore.com– a site exclusively selling thousands of FSA-eligible products and answering related questions through an online Learning Center. For more information about FSAs, or help with calculating how much to contribute and which FSA eligible expenses qualify, visit FSAstore.com.
Disclosure: this post is part of a compensated campaign. All opinions are 100% my own.
This stuff is way over my head, mostly, but we do not have an FSA. The hubs and I decided that we don’t spend enough (thank goodness!!) on medical care to make an FSA worth it.
I do wish I had a jar full of hundred dollar bills, though! 😉