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As the year comes to a close, it is important to review your Flexible Spending Account (FSA) to ensure you maximize your savings before the deadline. Proper planning can help you make the most of your contributions and avoid losing unused funds.
Review Your FSA Balance
Check your current FSA balance to understand how much you have remaining. Many FSAs have a use-it-or-lose-it policy, meaning unused funds may expire at the end of the year. Confirm your balance through your employer or FSA provider portal.
Plan Your Eligible Expenses
Identify upcoming medical expenses that qualify for FSA reimbursement. Common eligible items include:
- Prescription medications
- Eyeglasses and contact lenses
- Dental treatments
- Over-the-counter medications with a prescription
- Medical supplies and equipment
Make Last-Minute Purchases
If you have remaining funds, consider making eligible purchases before the deadline. Keep receipts and documentation for reimbursement and tax purposes. Some providers may allow online ordering for convenience.
Check Deadlines and Policies
Review your employer’s FSA deadline and any grace period policies. Some plans allow a limited extension, while others do not. Ensure all eligible expenses are submitted before the cutoff date to avoid forfeiting your funds.