Benefit Resource (BRI) is here with some helpful tips to consider regarding your FSA funds, so you don’t lose your money.
As the end of 2021 and the plan year looms, it’s crucial to consider what you can do with any remaining funds in your Flexible Spending Account (FSA). Most of the funds in your FSA need to be spent before the end of the plan year because you may lose what you don’t spend. Unfortunately, unlike a Health Savings Account (HSA), you don’t get to keep your FSA money year after year.
Your employer may allow a certain amount of your FSA funds to roll over to the following year. Check with your employer to confirm whether your plan includes this option.
An FSA is unique, as you can use the funds on personal medical expenses and any medical dependent’s expenses. For example, if your child is home from college, you could buy them a flu shot with your FSA funds. This dependence doesn’t need to be covered by your health plan for you to purchase the flu shot.
Below are some helpful tips to ensure you’re spending your FSA wisely:
What Can You Purchase with Your FSA Funds?
FSA dollars can be used to pay for tax-qualified out-of-pocket expenses that your health plan doesn’t cover. Use your FSA to pay for medical, vision, and dental expenses like the following:
- Flu shots
- COVID-19 At-Home Detection Test
- Prescription sunglasses
- First aid items
- Sunscreen (30 SPF or higher)
- Dental care
- And much more!
Visit the FSA Store for a list of eligible expenses.
Know your FSA balance
When you work with BRI, there’s no need to log in online or call to know your balance or the status of your account! Receive real-time text or email notifications regarding card purchases, deposits, denials, balance updates, and more. Log into BRIWEB or go to the BRIMOBLE App and select the Notifications option.
You can also check your balance when calling in through our QuickBalance line if you have your card information handy.
Knowing the exact amount of funds in your FSA will help you avoid surprises when paying for healthcare-related expenses.