With the End of the Year Fast Approaching, It's Time to Spend those FSA Dollars!
Between getting prepared for the holidays and finishing off your work year strong, it is easy to forget about that flexible savings account (FSA) that you signed up for at the beginning of the year. Perhaps you have already exhausted the funds, but if you have not, now is the time to start spending those funds before you lose them!
You are allowed to carry-over $500 of your unused funds to 2017, but if you have a surplus, keep in mind the other types of services you can use FSA funds for besides medical expenses such as:
- Dental services
- Vision services including glasses, contacts, and Laser Eye Surgery
- Diabetic Care Accessories
- Glucose Tablets
- First Aid Treatments and Supplies
- Hearing Aid Batteries
- Home Medical Equipment
- Shoe Insoles and Inserts
- Sunscreen
- Thermometers
- Wheelchairs & Accessories
These items are just a snapshot of eligible expenses, for a complete list you can visit the IRS Website and search all of the possible items.
If you have any questions on how to best utilize your FSA or if an FSA would be a good fit for your employees, please feel free to send me a message.