Spring has always been associated with deep cleaning, decluttering, and rejuvenation. While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? While doing your spring cleaning, don’t forget to look at your FSA. This is a great opportunity to review your expenses and ensure you’re taking advantage of all the ways you can save on healthcare expenses.
Review Your Expenses
The first step to maximizing your FSA is to review your expenses. Start by looking at your expenses from last year and see if there are any areas where you can cut back or if there were any expenses you missed that could have been covered by your FSA.
Consider Any Upcoming Medical Expenses
Once you’ve reviewed your expenses from last year, think about any upcoming medical expenses you might have. This could include things like dental visits, eye exams, and even over-the-counter medications. Make sure you plan ahead and budget for these expenses so you can take full advantage of your FSA.
Look for Savings Opportunities
When reviewing your expenses, look for opportunities to save money. For example, some procedures or treatments may be offered at a discount during certain times of the year, like flu shots during flu season. Additionally, consider using generic medications instead of brand-name ones, which can be significantly cheaper. Lastly, don’t forget about eligible expenses, which can be purchased with your pre-tax funds!
Keep Accurate Records
When it comes to maximizing your FSA benefits, accurate record-keeping is essential. Make sure to keep all receipts and invoices from your eligible expenses, and record them in a spreadsheet or other tracking tool. This not only helps you keep track of how much you’ve spent and how much is left in your account, but can also be helpful when it comes time to file taxes or submit claims.
Get Help and Ask Questions
Don’t hesitate to reach out to your employer or Benefit Resource if you have questions or need assistance. Utilize resources like BRIWEB, BRIMOBILE, and Participant Services to help you navigate your benefits. Additionally, your employer may offer seminars or workshops on topics like eligible expenses, tax savings, and healthcare planning.
Don’t Forget About Eligible Dependent Care Expenses
In addition to healthcare expenses, your FSA can also be used for eligible dependent care expenses. This includes things like day care, preschool, and summer day camp.
Maximize your FSA
Spring cleaning isn’t just about cleaning out your closets and decluttering your home. It’s also a great opportunity to review your eligible expenses and maximize your FSA. By reviewing your expenses, planning ahead, and taking full advantage of FSA carryover, you can save more money on healthcare expenses and make the most of your FSA. So grab your cleaning supplies and get started on your spring cleaning today!
