Is This Expense FSA Eligible?
Flexible spending accounts are employer-owned accounts available to employees for healthcare-related spending. Employees can take advantage of these subsidies by indicating the total amount they’d like placed in the account at the beginning of the year, then using those pre-tax funds for copays, prescriptions and more. To cover the funds, employers withhold a portion of each paycheck. While this system allows individuals to access money for medical care when they need it, there is one drawback: Any funds left in the account by the end of the year are forfeited. This means that as the year draws to a close, you may want to use your remaining balance. Fortunately, there are many FSA eligible expenses you can take advantage of.