What do Eyeglasses, Humidifiers and Orthotics Have in Common?

It’s no joke that all three of these items are considered eligible expenses under Flexible Spending Plans (FSA) or Health Savings Account.

As the year comes to a close, you may be required to use funds in your FSA plan or risk losing the money in your account. In many cases, those with Flexible Spending Accounts are required to use it and submit expenses by the end of the year. Your employer can clarify the specific rules for your plan including grace period and carryover options.

If you have been considering purchasing new glasses, medical devices or orthotics, now is a great time to schedule an appointment with your doctor and order what you need before the end of the year.

Do you have a Health Savings Account (HSA)? These accounts are normally associated with high-deductible medical insurance plans. Your health plan provider can tell you if you are eligible for a health savings account.

There’s no use-it-or-lose-it provision with an HSA, so you can order medically-necessary devices any time during the year and use your HSA funds to cover out-of-pocket costs.

If you’ve been considering investing in custom orthotics, now is the time to schedule an appointment with your healthcare provider.  You can start 2017 on the right foot.

Source:

https://www.irs.gov/uac/newsroom/plan-now-to-use-health-flexible-spending-arrangements-in-2016-contribute-up-to-2550-500-carryover-option-available-to-many

posted in: News

Leave a Comment

Your email address will not be published. Required fields are marked *