Have you every heard of a Flexible Spending Account? The first time I heard of a FSA was from a colleague. She explained that she sets pre-taxed money aside from her paycheck which can then be used towards medical expenses. With the cost of healthcare on the rise, I can see the appeal to having a program set up where you spend less money for FSA-eligible expenses, such as co-pays, deductibles, and over the counter medical products. I was surprised to hear that you can apply the money in your Flexible Spending Account towards vision and dental expenses, which may not be typically covered under your employer’s health care program.
This is a great program for us, because my hubby is always at the dentist for something! He has major issues with his teeth and we have spent thousands towards fixing and maintaining his teeth. We could have saved so much money, had we set aside money from his paycheck before taxes, which could have been applied toward his dental bill.
Your employer should offer you an opt-in for an FSA plan, and it is up to you how much you would like to put in the FSA account. Starting January 2013, FSA contributions are limited to $2,500 per person, and if you don’t use the money in the account, you lose it. Which may seem daunting at first, but once you get the hang of how it all works and think of how much you are saving (almost 40%), you will see that a Flexible Spending Account is perfect for you! Not sure if your company offers Flexible Spending Accounts, be sure to check with the human resources department. They can give you more information on whether or not they offer the program, as well as more information about the program.
You can find out more about FSA programs by visiting FSAstore.com. They are also fully stocked with thousands of FSA eligible products. If you are already enrolled in a FSA program, you only have a few days left this year to use up the money! By visiting FSAstore, you can also access a national provider database of FSA-eligible services.
Disclosure: This post has been brought to you by FSAstore.