The end of the year is a scramble, and it’s particularly stressful this year for the millions of Americans enrolled in flexible spending accounts (FSAs) who need to spend down account funds by December 31 or risk forfeiting those dollars back to their employers.
As the deadline rapidly approaches, FSAstore.com, the largest online retail source for everything flex spending with zero guesswork, is lending a hand to help consumers maximize the potential of their healthcare benefits.
What is an FSA?
An FSA is an employer-sponsored account that allows individuals to contribute pre-tax income to a tax-advantaged account that they can use throughout the year to pay for an extensive list of approved medical products and services (also known as eligible expenses).
The COVID-19 pandemic has changed how American families use their FSAs. According to a recent FSAstore.com survey, more than 50% of account holders will have more FSA funds to spend this deadline period than in previous years. That means an end-of-year plan is especially important this year.
10 Ways to Spend Down Your Remaining FSA Funds
According to FSAstore.com, here are 10 popular ways to spend remaining funds before December 31:
