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Maximize your Flexible Spending Account (FSA)
Before the End of the Plan Year |
Each year, plan participants who elect a Flexible Spending Account (FSA) can apply up to $2,500 of tax-free income into this account to cover co-payments, deductibles, and other approved medical expenses. So, what happens when the plan year is coming to an end? Generally, there is a "use it or lose it" rule when it comes to FSAs.
If you still have money in your FSA before the plan year ends, here are a few tips to help get the best value from your FSA:
- Purchase any prescriptions or over-the-counter medications
- Review the list for other eligible items you may need to purchase (e.g. first aid supplies)
- Submit any outstanding receipts that may qualify for reimbursement
- Schedule routine medical appointments before the end of the plan year/grace period
- Evaluate your contributions for next year
Download a copy of this article and share this important information with your employees.
For questions regarding Flexible Spending Accounts, please call our Employee Advocacy Center at (855) 322-1237 (855-EAC-1ADP) or email to: employeeadvocacycenter@adp.com.
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