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Abercrombie Accounting

8000 Norman Center Drive, Suite 115

Bloomington, MN 55437

 

Phone: 952-835-6065

 

Email: daniel@abercrombieinc.com

Website: abercrombieinc.com

October 2022

Maximize Your FSA

Maximize Your FSA

With the end of the year approaching, review your health care flexible spending account (FSA) to ensure you get the most out of it.


ROLLING OVER
Check to see if it allows money in your account to be rolled over and used in 2023. Some plans may allow a limited amount, usually no more than $500, to roll over. In comparison, some allow a short grace period of a month or two to use any unspent funds. But some plans have a "use it by December 31 or lose it" clause.


If you're unsure, ask your human resources department because any money remaining in your account at the end of the designated period is forfeited to your employer.


QUALIFICATIONS
FSA funds can be used for a variety of qualified medical expenses. This includes over-the-counter medication and first-aid supplies. Dental procedures and eye exams are also covered. But remember that you can't use FSA money for cosmetic procedures, health clubs fees, or prepayment for medical services you'll receive next year.


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