Subscribe
Home Craft Don’t Risk Losing Your FSA Funds This Year

Don’t Risk Losing Your FSA Funds This Year

by Staff
0 comment

Photo: fizkes (Shutterstock)

If you have a Flexible Spending Account (FSA), time is running out to use up your remaining balance. During the pandemic, you may have benefited from relief rules that allowed you to rollover FSA funds past the typical year-end deadline. This year, that rollover rule is being rolled back. Here’s what to know about using up your health FSA balance, so that you aren’t left forfeiting that cash.

How health FSAs typically work

Health FSAs are employer-sponsored spending accounts where you can deposit pre-tax dollars and then tap into that money for qualifying healthcare expenses. The limit for 2022 contributions is $2,850, and the IRS has not yet announced the 2023 limit.

While this all may sound like a Health Savings Account (HSA), one of the major differences between the two is that FSA funds expire at the end of the year. It’s a “use it or lose it” account.

Pandemic rules are rolling back

The 2020 Cares Act instituted temporary rules that allowed you to roll over unspent FSA funds past the standard year-end deadline (assuming your employer adopted that rule change). Now, those pandemic rules will come to an end on Dec. 31 of this year. Even if your company allows you to roll over some current FSA funds into 2023, you’re limited to $570.

Because you may have been able to rollover funds from previous years, your current balance could be higher than ever.

How to spend your FSA funds before the deadline

If you’re unlikely to pack out the rest of your year with doctor’s appointments—either because everywhere is booked months in advance or because that simply sounds dreadful—fear not. You can spend your remaining FSA funds on other qualifying healthcare costs.

You can use FSA funds to upgrade your prescription eyeglasses or buy more contact lenses. You could also hit your local pharmacy and stock up on certain FSA-eligible over-the-counter products, like first aid supplies, popular cold medicines, and even sunscreen. You can find a complete list at the FSA store here.

However you choose to spend your FSA funds, don’t let that money go to waste. After all, it came out of your paycheck. Check in with your employer’s rules are for any balance remaining on Dec. 31 this year, so you aren’t left forfeiting your hard-earned funds.

Read the full article here

SaleBestseller No. 1
Apple AirPods Max Wireless Over-Ear Headphones. Active Noise Cancelling, Transparency Mode, Spatial Audio, Digital Crown for Volume Control. Bluetooth Headphones for iPhone - Green
Apple AirPods Max Wireless Over-Ear Headphones. Active Noise Cancelling, Transparency Mode, Spatial Audio, Digital Crown for Volume Control. Bluetooth Headphones for iPhone - Green
 Apple-designed dynamic driver provides high-fidelity audio; Active Noise Cancellation blocks outside noise, so you can immerse yourself in music
$449.99
SaleBestseller No. 3
Apple iPad Air 2, 64 GB, Space Gray (Renewed)
Apple iPad Air 2, 64 GB, Space Gray (Renewed)
Apple iOS 8; 9.7-Inch Retina Display; 2048x1536 Resolution; A8X Chip with 64-bit Architecture; M8 Motion Coprocessor
$129.99
SaleBestseller No. 4
2021 Apple 10.2-inch iPad (Wi-Fi, 64GB) - Silver
2021 Apple 10.2-inch iPad (Wi-Fi, 64GB) - Silver
Gorgeous 10.2-inch Retina display with True Tone; A13 Bionic chip with Neural Engine; 8MP Wide back camera, 12MP Ultra Wide front camera with Center Stage
$269.99
Bestseller No. 5
2022 Apple TV 4K Wi‑Fi with 64GB Storage (3rd Generation)
2022 Apple TV 4K Wi‑Fi with 64GB Storage (3rd Generation)
4K Dolby Vision and HDR10+ for vivid picture quality; Dolby Atmos for three-dimensional, theater-like sound
$123.49
Bestseller No. 7
Apple AirTag 4 Pack
Apple AirTag 4 Pack
Keep track of and find your items alongside friends and devices in the Find My app; Simple one-tap setup instantly connects AirTag with your iPhone or iPad
Bestseller No. 8
Apple MacBook Air with Intel Core i5, 1.6GHz, (13-inch, 4GB,128GB SSD) - Silver (Renewed)
Apple MacBook Air with Intel Core i5, 1.6GHz, (13-inch, 4GB,128GB SSD) - Silver (Renewed)
1.6 GHz dual-core Intel Core i5 (Turbo Boost up to 2.7 GHz) with 3 MB shared L3 cache; 13.3-Inch (diagonal) LED-backlit Glossy Widescreen Display, 1440 x 900 resolution
$305.00
Bestseller No. 9
Apple Of My Eye
Apple Of My Eye
Amazon Prime Video (Video on Demand); Amy Smart, Burt Reynolds, Liam McIntyre (Actors); Castille Landon (Director) - Castille Landon (Writer) - Dori A. Rath (Producer)
$3.99
SaleBestseller No. 10
Apple 35W Dual USB-C Port Compact Power Adapter ​​​​​​​
Apple 35W Dual USB-C Port Compact Power Adapter ​​​​​​​
The compact size and folding prongs make it easy to pack and store.; Charging cable sold separately.
$52.00

You may also like

Leave a Comment

Iman Hearts is one of the biggest lifestyle news and articles portals, we provide the latest news and articles about family, lifestyle, entertainment, and many more, follow us to get the latest news about what matters to you.

 

© 2022 Iman Hearts. All rights reserved. Sitemap