![]() ![]() The holiday season had just ended and the next one seemed forever away. It was a daunting task to think about what my expenses would be for the next twelve months. When I first started budgeting, I set up an excel spreadsheet for the year. There are three major types of expenses we all pay: fixed, variable, and periodic. Jeremy Miller is president and founder of, an online shop for products eligible for reimbursement through a flexible spending account.The next step in setting up a budget is to list your monthly expenses. ![]() 31, your FSA may have a grace period that allows you to incur new expenses using last year’s funds through March 15. Additionally, if your FSA plan year ended Dec. Submit for reimbursement of qualified expenses before it's too late. Use an FSA for co-pays and deductibles when visiting physicians, dentists, ophthalmologists, and for alternative medical services such as chiropractic care and acupuncture. Use your FSA to pay for medical services. Health care products like breast pumps, first-aid kits, hot and cold therapy packs, and contact lenses are among thousands of other items covered by an FSA. You can view an onlineĮligibility list of products and services that can be purchased using FSA dollars. There are specific products and services that are and aren't eligible for FSA spending, such as some mobile monitoring devices (which are eligible) and medical marijuana (which is not). You can find information about covered expenses in your plan document or by contacting your FSA administrator. Not sure how much you have left in your FSA? Contact your FSA administrator ahead of the deadline so you have time to spend down any remaining money. Communications to employees can include the following tips: For plans with a grace period, reminders should be sent prior to March 15. Overlap and expenses incurred during the grace period must be claimed before the run-out period ends.Īt the same time, employers should remind participants about the kinds of purchases that can be made with FSA dollars.
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