It’s July, and that means we’re already halfway through 2022! If you have a Flexible Spending Account (FSA), you probably have some funds to spend before the end of the year. Now is a great time to check in on your FSA funds and other pre-tax accounts. It’s not too late to start planning how to spend your account funds.
Remember, unless your benefits plan includes a rollover option, FSA funds don’t automatically rollover at the end of the year. This means you could risk losing the funds you don’t spend by the end of 2022. Regardless of which plan you’re enrolled in, it’s always a good idea to revisit your accounts at least a few times throughout the year.
How to Spend Your FSA Funds
There are two kinds of FSAs – one for health and medical expenses and another for dependent care expenses. Be aware that you can only spend funds from one account in each category. This means if you have an FSA for dependent care and one for medical, you can only spend each fund in its category.
You can only spend your FSA money on “qualified medical expenses,” and the list is extensive. Services you receive from a healthcare professional typically qualify, but others might too! If coming up with ideas feels like too much work, here are a few eligible expenses to get started:
Eyeglasses: Get creative with your eyewear by picking out some fun, new frames. Glasses are an essential part of any outfit, but they don’t have to be boring! You can even get prescription sunglasses if style is what you’re after this summer.
First-aid supplies: Keep your first aid kit stocked with Band-Aids, wraps, and other essential items. They will come in handy, especially if children are in the house.
Dependent Care: Dependent care is a great way to save on the costs of raising children or elderly parents. You can use funds for babysitting, letting someone watch your kids, so you have time off from work (or taking some yourself), and more! Keep in mind that these don’t qualify for health and medical FSAs.
Sunscreen: There are plenty of hot summer days left to enjoy, but make sure you have enough sunscreen first. Remember that to be eligible for reimbursement it must provide SPF 15 or higher and protect against UV-A radiation and UVB damage, and Aloe vera treatments are also covered.
Birth control pills: Contact your doctor and ask for a 90-day supply prescription.
Over-the-counter medication: You’re safe as long as the drug treats a medical condition. Even some vitamins are considered eligible expenses, like prenatal vitamins. But if you’re looking for medication for cosmetic purposes and not needed for your health – don’t count on it being covered.
Whether you’re still looking for ideas or ready to start using some of your funds, the FSA Store is a great place to browse eligible items!
What Are the FSA Limits for 2022?
The FSA limits were increased to $2,850 in 2022. The great thing about contributing to your FSA is that it can lower the amount of taxable income you owe, which could save money on federal taxes.
How To Access Your Funds?
- Beniversal Prepaid Mastercard® – Instant access to funds. Widespread acceptance at approved providers of medical products and services that accept Debit Mastercard. More info
- BRIWEB – Secure online resource for Flexible Spending balances, transaction details, online claims, receipt uploads and more.
- BRIMOBILE App – View balances, recent transactions and submit claims On-The-Go with iOS and Android devices.
- Participant Support – Representatives are available to assist by phone, email and online chat.
The Beniversal and eTRAC Prepaid Mastercards are issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of, Mastercard International Incorporated. The Beniversal and eTRAC cards are accepted at qualified merchants accepting Debit Mastercard. The Bancorp Bank; Member FDIC.