There was a short time that my hubby and I did not have insurance. We were so worried that something horrible would happen to either one of us and we would have to use medical services as an uninsured patient. We all know that health care can cost a lot, and having private insurance can cost even more annually. It wasn’t until a colleague of mine mentioned that she had a Flexible Spending Account (FSA) and that she would set aside tax-free money each month from her paycheck to pay for qualified medical expenses.
FSA is a great option for those who have out of pocket medical expenses. Whether you are insured or not, there is always something that your insurance won’t cover, such as copays, over the counter meds, and even some health-related devices (like knee braces for sprains.) You can contribute up to $2,500 per person, per year, so a family of 4 can contribute up to $10,000 tax-free for health care costs.
There is one stipulation though – if you don’t use your FSA money by the end of the year, you will lose it. Luckily for those who thought they lost last year’s contributions, employers may provide a 2 1/2 month grace period to spend last year’s money in your FSA plan. This grace period ends MARCH 15. Be sure to check with your provider to see if your plan qualifies for the grace period.
If you don’t have a FSA plan set up, be sure to ask your health care provider if this is something they offer.
FSAstore.com was started with the idea that it should be convenient for people to use their FSA. It’s a one-stop-shop exclusively selling thousands of FSA-eligible products. Additionally, FSA Store offers a database with FSA health service providers, and an online Learning Center to answer FSA-related questions. Check out FSA Store before March 15 to avoid losing your 2012 FSA funds.
Disclosure: This post was brought to you by FSAstore.com
Courtney says
I need to set up a fsa!
Meghan @JaMonkey says
These plans are so great. We needed it last year for our daughters arrival It was so helpful getting that money back in our pockets so fast!
HilLesha says
Sounds great!
Colleen says
I have used FSA for medical for several years it really does save money.
Mellisa says
This sounds really helpful.
Kelly @ A Girl Worth Saving says
Oh, I serious miss having an FSA. I put that thing to use when I was working.
Emily @FamilyNLifeLV says
I need to ask my husband if we have this!
Ty @ Mama of 3 Munchkins says
Sounds great!