November is here, and many people are wondering how the year flew by so fast! With just a few weeks left in the year, it is important that you look at ways to maximize your health benefits that are available. One area that many people overlook is their flex spending account.
A Flexible Spending Account, also known as FSA or flex spending, is offered by many employers to help with a savings plan for medical costs. Money is taken out of each paycheck and deposited into a special account. Then, the money is available to use when you have medical expenses that pop up during the year. The advantage is that you can offset tax burden on your medical expenses.
Most people have a debit card that can be used for flex spending transactions. So, you pull out that debit card when buying a prescription or paying the cost of a co-pay fee. Another option is to save your receipts and submit a request for reimbursement from the FSA.
It is important that you are familiar with the rules of your flex spending account. Most of these accounts have an expiration for the benefits. For example, if you fail to use the money in your account by December 31, 2016, then you will lose the money that is left. It is estimated that 2% of all flex benefits savings are forfeited because people forget to spend the money.
Right now is the perfect time to make sure that you use you flex benefits before the end of the year. If you have money to be used, then you might consider the option to schedule eye exams for the family. This money can be used to pay for the appointment, glasses, contacts, and other related expenses.
Other options for using your flex money include buying first aid supplies for your home, stocking up on over-the-counter medications for flu season, or visiting any doctor for a checkup.
Do you want to learn more about using your flex spending account for a comprehensive eye exam? Call our Temecula office at (951) 302-1331 or our Murrieta office at (951) 600-9226.