Every day can be a busy time of the year, and it can be stressful and challenging due to COVID-19. It’s easy to overlook important items on your checklist and you should start planning now. One of the biggest mistakes you can do is leaving money left unspent in your flexible spending account. Everyone knows the money can be used to cover medical expenses, but knowing how and when to use the money can be confusing. FSA’s can be viewed as a line of credit for medical expenses with the IRS. You can spend more than the balance of the account if contributions by the end of the year cover the expenditure. Sometimes employers allow carryovers, but it’s best not to make any assumptions.
Always check with your employer for specifics regarding your plan. You can use your Flexible Spending Account dollars to offset deductibles and co-pays for eye exams. Also covered are any prescription glasses, including readers and sunglasses as well as contact lenses. If you have money left in your account, now is the time to get that extra pair you have been wanting.
Planning Is Bringing The Future Into The Present. Mike Vance