When it comes to medical health plans, there are many options out there, including the Flexible Spending Account (FSA). The FSA is offered by employers to pay for select medical expenses. It helps cover vision care, dental, or other medical expenses that might not be in their healthcare plans. 

It offers tax advantages when paying for qualifying out-of-pocket costs. As the year ends, the healthcare FSA gets to the point where you either use it or lose it. In other words, you forfeit all the unused money when the year ends.

A Flexible Spending Account

FSA has a connection to the healthcare plan offered at your workplace. The fact that the account is funded using pre-tax dollars means that it lowers the taxable income while providing money for medical expenses. 

As an employee, you are not required to contribute to the Flexible Spending Account. It is, however, common for employers to offer a 50:50 match up to a determined limit. There are two types of FSAs: Health Care and Dependent Care Accounts. 

Be Proactive With Your FSA

The best way to ensure that you do not lose your benefits is by being proactive. Find out the FSA option that your employer offers. It is important to maximize your benefits while you can. Think about the medical or health services or supplies that you might need soon. 

This will help ensure that you take care of your needs before the flexible spending account expires. You can reduce your out-of-pocket expenses when medical emergencies crop up.

Understanding the Stipulations

It is vital to understand the unique stipulations that come with FSAs. First, the accounts have an employer contribution limit of $2,600. The amount can be adequate to cover some unforeseen medical expenses. 

The second point is that as the employee, you do not own your FSA — it belongs to your employer. The account is not transferable to a new employer. The employer determines the rules about how you use the funds, including the period.

How to Spend Your FSA

Do you still have a balance on your FSA, and are you wondering how to spend it before the deadline? If you do not have impending medical expenses, it can be hard to determine how to spend the money. The fact is that, like most people, you are not clear about what to do with the FSA. 

This is your hard-earned money, so you should not lose it. Spend your FSA on qualified medical expenses. For example, use the money on eye care, breast pumps, nebulizer masks, or even dental care. 

Schedule an Eye Examination

If you have been putting off your annual eye examination, now is a good time to schedule one. Using your FSA to get an update on your eyeglass prescription is a good way to spend the funds. You can book appointments for the entire family. 

Glasses and contact lenses are a qualified FSA expense. The account may also be able to cater to your LASIK procedure. Find out how much money you have so you can find the best way to maximize your FSA.

For more on maximizing your FSA, visit Premier Eye Care at our office in Fort Worth, Texas. You can call (817) 428-2020 today to schedule an appointment.