As we move into the cozy embrace of October, with its promise of football games, frosty mornings, and colorful leaves, it’s important not to let the festivities distract us from key financial matters. One item that often gets lost amid end-of-year planning is the Flexible Spending Account (FSA) a lot of employees have access to (and DON’T use properly!). Let’s roll up our sleeves and dive into how to make the most out of this often-overlooked benefit.
What’s the FSA Fuss All About?
In a nutshell, FSAs offer a fabulous way to set aside pre-tax dollars for qualified medical expenses. It’s like a VIP pass for your healthcare spending. But remember, it’s mostly a “use it or lose it” arrangement, so you’ll want to plan strategically.
October as the Ideal Check-in Point:
October is the golden month for your FSA check-in. It’s late enough in the year to give you a clear picture of your remaining funds and upcoming healthcare needs but early enough to schedule appointments or make qualified purchases without a mad December rush.
What’s Left in the Pot?:
Start by reviewing your FSA balance. Whether you’ve barely touched it or used a significant chunk, understanding what you have left will help you plan wisely for the remainder of the year.
Use it, Don’t Lose It:
FSAs don’t take kindly to procrastination. Unused funds generally do not roll over to the next year, which means you stand to lose what you don’t use. Have you been delaying that dental check-up or eye exam? Now is the time to schedule those appointments. Eyeing those designer prescription glasses or specialized orthopedic shoes? Go ahead and treat yourself. Your FSA can cover it!
Beyond doctor visits, FSAs cover a wide range of medical expenses, from prescription drugs to diagnostic devices. October is a great time to explore your options so you can make the most informed choices.
Consult with Professionals:
The world of FSAs can be as intricate as a corn maze. Consulting with your HR department or a tax advisor can provide you with tailored advice specific to your healthcare needs and financial goals.
In conclusion, your FSA is not just another payroll deduction; it’s a powerful tool that offers financial relief for healthcare expenditures. Don’t let the year-end festivities make you lose sight of what you could lose in unused FSA funds. October is your ideal month to make the most of this resource and step into the new year on financially solid ground.
So if you’re struggling to keep track of your FSA funds amidst the whirlwind of work and personal commitments, here’s my suggestion: take a moment to reach out to my and the team to get an accurate snapshot of not only what you’ve got in your FSA (and if it’s enough or too much), but also, to learn how to make it easier to plan ahead. Discover how we can help you manage your FSA smartly and efficiently. For further clarification or bespoke advice, please don’t hesitate to reach out to us. It’s literally what we do!
All the best,