Time Is Running Out….Are You Using Up Your Flex Account Funds?

It’s December already! Where has this year gone? Now that we are down to the last several weeks of the 2012, it’s time to look at the funds remaining in your health care flex spending account (FSA). The question that needs to be asked is “Do I have funds left or have I spent more than you put into the account”?
In an recent report from the 2012 Aflac Workforces Report states that only 16% of flex spending users contribute the right amount. If you overestimated your health care spending and still have funds in your account, here are some tips to help you use those funds:  
  • It’s always a good idea to schedule a year end check up with your primary care physician, dentist, optometrist, or other health care provider you have not seen in 2012.
  • Buy that extra or replacement pair of eyeglasses, contacts or other medical aids/devices that are eligible under your plan.
  • Be sure to ask your employer if there are other treatments or procedures that are eligible under your plan. Some examples of these are Lasik eye surgery, massages, and acupuncture.
  • Consider other heath care items that you could stock up on such as contact lens solutions, first aid kits, braces (wrist, neck, and knee) thermometers and even pain relievers.
Another major thing to remember is the maximum amount that can be added to your flex spending account in 2013 has been reduced from $5,000 to $2,500. Be sure to check with your employer to see what options are available to you and when your open enrollment is.
For more information on Flex Spending Accounts and options that may be available to your company and its employees, please contact an LL Roberts Group PEO Consultant (toll free) at 877.878.6463.
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