Papers with flexible spending account FSA on a table.

 

 

Flexible spending accounts can be an excellent way to budget for health care expenses. However, there’s one thing many people don’t know about their flexible spending account (FSA): If the money in the account is not spent before the end of the year, you don’t get to spend it at all. Read on for further information about flex spending accounts so your money doesn’t go to waste.

What Are Flex Spending Accounts?

Also known as flexible spending arrangements, FSAs help people save money on health care. An employee chooses to designate a set amount of money from each paycheck, pre-tax, and use that money toward medical expenses. Employees can contribute up to $2,550 to their account, and the tax savings can add up in the long run.

Where Does Flex Spending Money Go If You Don’t Use It?

You can accrue quite a bit of money in your flex spending account to put toward medical expenses. But if you don’t spend that money by the end of the year, you lose all the funds. Employers have the option of offering a “grace period” up to 2.5 months to use FSA funds the previous year or allowing an employee to carry over $500 into the new plan year. Any leftover funds are used by the employer to offset administrative costs of the FSA, so it’s truly a use it or lose it arrangement.

With the end of the year quickly approaching, now is the perfect time to spend the money left in your account.

How Should You Spend Leftover FSA Funds?

If you don’t have as many medical expenses as you had predicted, you can spend this extra money in a number of useful ways. Acceptable expenses include prescription and over-the-counter medications, a wide variety of personal care products and items such as compression hose. Flexible spending funds can also sometimes be used for treatments, if deemed medically necessary, such as chiropractic adjustments, acupuncture and some vein treatment procedures.

How Can Flex Accounts Help with Vein Treatment?

Vein disease afflicts people worldwide; however, many sufferers don’t seek treatment. According to Dr. Alexander Park, “Vein disease has real physical symptoms and can affect long-term quality of life without adequate treatment.” But even with potential health impacts of leaving vein disease untreated, some people are reluctant to pay out-of-pocket for relief. This is where flexible spending accounts can come to the rescue. Procedures such as varicose vein surgery can be covered by your FSA if medically necessary for you. Other vein treatments however, under FSA criteria, may be considered to be primarily cosmetic procedures and are not covered. Check with a doctor to see what vein treatments might be considered important to your vein health and covered by your flexible spending funds.

The money in your flex spending account will expire by the end of the year, so if you still have funds left over, you should spend it soon. If you’re debating how to spend your flexible spending account money, consider vein treatments at VeinInnovations. Their expert staff can answer all your questions and guide you through the process to better vein health.