Archive for March, 2013
Saturday, March 2nd, 2013
Spotlight on Benefits… FSA Store
Do you have a Healthcare FSA?
Healthcare Flexible Spending Accounts are an employee benefit that allows you to set aside a certain amount to use pre-tax for healthcare costs. Contributing to your FSA is a cost-effective way to reduce your taxable income and save money on health care essentials. But there is a “use it or lose it” rule: Any dollars left in FSAs at the end of the plan year are forfeited. To help with this problem, some employers allow a grace period after the plan year to use up the money.
Know when your plan year ends
Some FSA plans are calendar year, but they can end at any time of year. If you do have a calendar-year plan, many companies offer a 2½-month extension, to deplete accumulated savings in your Flexible Spending Account. If your plan is for the calendar year, your extension goes until March 15. Ask the human-resources department where you work about your deadline.
About 20 percent of people who don’t use up all their FSA money forfeit $500 or more, according to the Employers Council on Flexible Compensation. About 40 percent of participants forfeit at least $1.
Don’t wave goodbye to your cash – Buy supplies!
When the end of the year rolls around and you have an excess of funds in your FSA account, you can conveniently stock up on medical products that don’t expire and may be useful to you in the future such as bandages, breastfeeding supplies and qualifying skin care products.
But how do I know what I can buy?
We are here to help! The FSA Store offers a dedicated learning center where you can find the answers to commonly asked questions. They also have a directory of FSA eligible service providers right on their site. The directory contains lists of common medical service providers as well as some of the more obscure professions such as acupuncturists and eligible Lasik service providers.
The FSA Store is “The Flexible Spending Account Site”. Living up to its name, it contains products, services, directories, commonly asked questions, and even an updated list of what has been added or removed from FSA eligibility for the current year right on the site.
The FSA Store has the largest selection of FSA products available online, and everything in the FSA Store is eligible. Not only that, but all their products are discounted. The discount ranges between a few dollars to a few dozen percent, depending on the product.
Pay with any FSA Card or Major Credit Card
All products can be purchased with FSA accounts, and all FSA debit cards are accepted, along with major credit cards.
Knowledgeable Customer Service 24/7 and Live Chat From Any Page
At The FSA Store, you’ll notice a live chat box on the bottom corner of every page. Just start typing your question and a real person will happily help you with all your questions.
Keep in mind while shopping that all orders over $50 get free shipping! That’s worth a lot with today’s expensive shipping prices. And with that added bonus to all the goodness of the FSA Store, there’s no excuse to ever let your FSA dollars disappear!