It’s already December, and we’re probably not alone in wondering how 2018 has gone by so quickly! There’s only a few weeks left in the year, have you maxed on your available health benefits? One benefit that many often overlook is their flex spending account.
What Is A Flex Spending Account?
A Flexible Spending Account (FSA), also referred to as flex spending, is a program offered by many employers. An FSA is an account that allows you to deposit pre-tax dollars into it to help cover medical expenses. They can save you money by allowing you to withhold up to $2,600 of pre-tax money from your pay packet.
What Does An FSA Cover?
FSAs can be used by you, for yourself, your dependants or your spouse throughout the calendar year. You can use them for:
- Some medicines
- Other health-related expenses, including hearing aids
Use It Or Lose It
FSAs can be used on a number of medical services, but unfortunately it’s ‘use it or lose it’ money. The funds must be spent within the calendar year. Some programs may have a grace period of up to 2.5 months, but others require that the FSA be spent by December 31st.
If your FSA includes a grace period, make sure you know when it expires. Plan to spend any leftover funds from 2018 before the end of your grace period next year.
Now is the perfect opportunity to use your flex benefits before we ring in 2019. As FSAs can be used towards hearing aids, it’s the perfect opportunity to book a hearing exam.
Call us on 212-755-5100 to schedule your hearing evaluation. Alternatively, click here to request your appointment.