Do you have a flexible spending account (FSA) for yourhealth care needs?
Youre starting to run out of time to spend it.
However, there is a grace period.
Your FSA plan will cover you through March 15, 2025.
Unfortunately, insurance doesnt covereverything.These resourcescan help you manage those unexpected expenses.
Whats a Flexible Spending Account, or FSA?
A flexible spending account lets you set aside pretax money for medical and dental care that insurance wont cover.
Employers take money out of paychecks to fund the accounts, which are regulated by the IRS.
A third party usually administers the accounts and handles reimbursements.
This is important:An FSA is different from an HSA, a health savings account.
you’re able to only establish an FSA with your employer.
This means your employer not you owns your FSA account.
If you leave your job, you lose your FSA funds.
The biggest advantage of an FSA is that all your funds are available immediately the day you enroll.
In 2024, FSA account holders couldset aside $3,200 for the year.
In 2025, that amount jumps to $3,300.
Its totally up to your employer.
Its not up to you.
But thats not all your FSA is good for.
The IRS has a handy list of medical supplies and servicescovered by your FSAfor preparing your tax returns.
If youre looking to boost your income this month, weve got just the thing for you.
The Bottom Line
It may seem like the end of the year isnt that close yet.
But dont wait until its too late.
Decide now how you want to spend the rest of your FSA money.
