Usually this is the time of year those with a health care flexible spending account (FSA) rush to the doctor’s office or pharmacy to spend the last of their remaining funds. After all, FSAs are “Use it or Lose it” accounts. But, thanks to COVID-related legislation, you may have more time to spend your health care FSA.
The Consolidated Appropriations Act passed by Congress gives employers the option to allow employees to carry over the full amount of their unused health care FSA funds to 2022. This means if you have an FSA, there’s a good chance you don’t have to make a last-minute dash to spend your used funds by December 31. Take action by checking your FSA account balance, then ask your employer if they opted into the FSA carryover.
If your employer chose not to offer the carryover and you still have funds remaining in your account, don’t worry. There are a ton of ways you can spend your balance. In addition to deductible and copay amounts, you can use your funds to pay for a variety of medical supplies and products, such as first-aid kits, hand sanitizer, disinfecting wipes, sunscreen and more. Check out FSAstore.com for more ideas.