Flexible Spending Accounts can save your family 40%!

Health care “shopping” can be great if you know your way around the drugstore deals and using coupons. It’s also easy to get overwhelmed by all the options available to you.  If your employer offers a Flexible Spending Account (FSA), consider signing up for one to get a bit of relief from increasing health care costs.  These benefit plans rely on pre-tax money for qualified health expenses, which means you save money on those health-care costs. Each FSA plan year, your employer will take money out of your paychecks based on how much you choose to set aside.   Typically the FSA sign-ups are open in the fall (my employer does open enrollment during October).   If you’ve already signed up for an FSA, don’t miss out on the savings that those funds are waiting to score for you.

Of course you can save money when purchasing FSA eligible products, but an FSA also gives you access to health care services and thousands of everyday products!  Many items such as sunscreen, contact lens solution, band-aids, heat wraps and baby care are eligible.  It’s best to check with your program’s fine print to make sure you’re within the guidelines.

Before you get an FSA, make sure that you calculate how much you want to spend using your FSA. Beginning in 2013, FSA plan contributions are limited to $2,500 per person.  I have found that we spent more than we expected when I considered all of our health-care expenses.   We swim daily in the summer, so sunscreen is a constant demand in our house.  Also, we all have seasonal allergies and those little tablets can really add up!   Still, you want to have a conservative figure in mind when signing up for your plan. FSAs operate with the “use it or lose it” plan so any money you didn’t spend is forfeited when your plan year ends. Some employers provide a grace period – or an extension of coverage – up to two and a half months.  My employer doesn’t offer that grace period; my receipts must be dated before 12/31/12.  If yours offers a grace period, lucky you!! One big deadline coming up is March 15.  You should contact your employer’s FSA representative to find out when your deadline is.  Don’t let that money go to waste!

To conveniently shop for health-care products, check out the FSAstore. FSAstore.com is a one-stop-shop!  It’s stocked exclusively with thousands of FSA-eligible products, a national provider database and a Learning Center that answers FSA-related questions. You can save on FSA-eligible products throughout the entire year with FSA Store’s special offers. I love that these items will be delivered right to you! Check these out before your grace period ends, especially if the deadline is March 15.

This post was brought to you by FSAstore.  The opinions and experiences stated are 100% mine.