Do you have an FSA? Do you actually take the time to make it work for you? My children's provider comes with an FSA. I pretty much knew what it was about, but never took the time to make use of it. An FSA can really add up to some serious savings for you and your family. And is usually worth taking the time to find out about and put into use. I've also found out that many FSA plans offer a grace period. If you have yet to use your 2012 FSA funds now is the time to find out more about your plans grace period.
You may have until March 15 to spend your 2012 funds!
If you have a flex spending account, you may have a grace period to use your 2012 FSA funds. Many FSA programs offer a grace period ending on March 15. Not every plan is the same though, so you should check with your benefit provider to confirm whether or not you have this deadline.
According to FSAstore.com - the only one-stop-shop exclusively stocked with FSA eligible products - each year consumers lose hundreds of millions of dollars because they do not use tax-free dollars available in their FSAs. While many FSA plans end on December 31, some plans have grace periods that extend coverage up to 2 ½ months. March 15 is a major upcoming FSA deadline.
If you have an FSA – it is not too late to check if you have the grace period and can still use your 2012 FSA funds by March 15. If you’re relatively new to FSAs, you might be wondering what you can spend your FSA on.
Some of the ways you can use up your FSA funds before the March 15 Grace Period deadline:
- Consider FSA-eligible over-the-counter products that you could use throughout the year, ranging from baby care items to contact lens care to shoe inserts.
- Be heart healthy and purchase blood pressure monitors or heart rate monitors.
- Prepare an emergency first aid kit stocked with bandages, Band-Aids, gauze and more.
- Gear up for spring and summer with FSA-eligible sunscreen.
- Planning for or expecting a baby? Everything from breast pumps to prenatal vitamins is also FSA eligible on our site.
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