Trying to save money wherever I can includes medical costs. In a lot of ways we are helpless because of the rising cost of medical premiums.
Did you know there are ways to save on health care which also get you access to health care products and different health care services? A Flexible Spending Account (FSA) can help. Through your FSA, you can put away tax-free money towards certain health care expenses. I am a big fan of FSAs.
The FSA gives you access to services such as chiropractors and even LASIK that your regular insurance plan likely won’t cover. As you sign up for an FSA, figure out what you might your FSA for during the plan year and then estimate how that will fit into your budget. You can contribute up to $2,500 a year per person to an FSA. That means, if you and your spouse before opt into one that gives you a total of $5,000 in tax-free money to put towards health care.
If you have an FSA that had a December 31 deadline (many plans do), you may have a grace period that extends coverage until March 15. Check in with your FSA provider to see if your plan has the grace period.
Popular FSA Eligible Products:
- Blood pressure monitors
- Breast Pumps, prenatal vitamins
- Hot and cold packs – heat wraps, eye masks
- Sunscreen, sunscreen lip balm and sunblock
- First aid kits and Band-Aids
- Gel shoe inserts
- Contact lens solution
A great resource for anyone with FSAs is FSAstore.com – a site exclusively selling thousands of FSA-eligible products and answering FSA-related questions through an online Learning Center. For more information about FSAs, or help with calculating how much to contribute and which FSA eligible expenses qualify, visit FSAstore.com.
Many FSA plans are use it or lose it so you want to make sure you carefully calculate how much you will spend each year before signing up. And of course whatever you have leftover you can use to stock up on healthcare products like the ones listed above!
And of course I have a promo code to share! Use BLOG5 at checkout to receive $5 off your order of $50 or more!
Disclosure: The FSAstore.com sponsored this post. I would never share anything with you that I didn’t support. I am a fan of FSA accounts and saving money in easy ways!