Do you have a flexible savings account (FSA)? I first started setting up an FSA just after college. I liked how I could set aside some tax-free money for eligible expenses. I was able to use it for prescriptions, office copays, and more. The only tricky part was that if you hadn’t used what was in the account by the end of the calendar year you lost whatever money was left over. Ouch! I tried to carefully anticipate my costs at the start of each year and add in a few dollars in padding so I could cut it as close to my balance as possible.
What I didn’t know until just recently is that if you’re among the 30 million Americans with flexible spending accounts, you may still have time to spend your 2012 FSA dollars. While FSA plans end at different times depending on the account many plans have an additional grace period for you to spend your funds. The grace period – if your plan offers it – gives you an extra two and a half months. That means that on March 15 the grace period is up and your unspent funds will be lost.
You should contact your benefit administrator to find out if your plan has this particular deadline before it is too late. If you find that you have a few days left to spend those remaining dollars you could jump online and check out FSAstore.com. It’s a site that was created to help consumers easily use their FSAs. You can shop for thousands of different FSA-eligible products and you’ll receive free shipping on orders of $50 or more.
FSAstore Options Include:
- Blood pressure or heart rate monitors
- Bandages, Band-Aids, and gauze
- Diabetic supplies like test strips and lancets
- FSA-eligible sunscreen
- Eye care, including contact lens solution
- Breast pumps, prenatal vitamins, and many other baby care-related items
Check out their site for a full list of eligible items. You only have a few days left so if you think you might qualify be sure to check with your benefit administrator. If you do have the grace period available and decide to place an order you can use promo code BLOG5 to take $5 off your purchase of $50 or more.
What is your favorite item on which to use last-minute FSA dollars?
This is a sponsored post for FSAstore. All opinions are 100% that of myself or my family. I am not a financial professional and this should not be considered medical or financial advice or guidance.