Happy Holidays! Tips for Using Up Your Flex Spending Account Before the Deadline
You won’t believe it, but we’ve made it to the end of the year. It’s finally December, which means things are about to get a lot more hectic. Christmas is right around the corner (December 25th), so it’s crunch time to get all your holiday shopping completed. This also means that the deadline to use all of your flexible spending account (FSA) contributions is approaching, and if you don’t spend it fast, you could be saying goodbye to that money for good.
A flex spending account allows employees to appropriate money from their paychecks into an account that will help pay for healthcare costs, including vision medical expenses like routine eye exams, prescription eyeglasses, contact lenses, and more, that may not be covered by health insurance. This process also helps employees save on tax dollars, since the money is taken out of the paycheck before withholding taxes are calculated. This sounds like a great arrangement, but there is one disadvantage: you have to use the money before the December deadline or you’ll lose all of it. You may have the option to roll over $500 in unspent contributions into the coming benefit year, but depending on how much money you’ve saved, you could still be taking a huge loss.
Each year, employees throughout the United States who hold flex spending accounts end up losing thousands of dollars due to missing the FSA deadline. If you are one of those employees, here are a few suggestions on how to use up that money:
- Visit your doctor for your annual wellness exam and start the New Year off right.
- If you’re planning on going out of the country, get any immunizations or vaccines you may need.
- Stock up! Check with your doctor to see if he or she will allow you to order an extra supply of your prescription, and purchase over the counter medications in bulk if you can.
Another way to make the most of your flex spending contributions is to stop by your local Eye Express, a locally-owned and -operated vision care center that provides excellent service and quality eyewear. Give the gift of vision to a friend or family member with an Eye Express gift card, or get yourself something special for the holidays by picking out a fashionable pair of glasses to ring in the New Year.
The entire team at Eye Express wishes you and your family a wonderful and happy holiday season!