Four Simple Steps for Planning Your Flexible Savings Account Purchases
It’s the beginning of the second quarter, and time to start thinking about the money you’ve got socked away in your flexible spending account. Planning ahead, understanding your rights – and the limitations of an FSA – can be a handful. Here are our four steps to maximize your returns and eliminate your chance of leaving money on the table come the end of the year.
Schedule your first cleaning of the year soon if you haven’t already. Ideally, you’ll want to do this in the first quarter of each year.
Should you need a follow up procedure, be sure to schedule it soon after your initial consultation with your dentist.
Speak with your dentist about procedures that may require wait times in between the work, so you can plan accordingly. Sometimes, it may make sense to straddle your visit across two years to fully realize your dental benefits.
Know what’s deductible. IRS Publication 502 can serve as a good guide, as can a visit to WageWorks, which offers a searchable index of deductible items. And, trust us, there many things that are deductible that would surprise you … like sunscreen, for example!
With the year quickly racing by, you’ll want to “use it” before you “lose it.” There is nothing worse than tossing away your hard-earned income. Do you know how much money is currently in your Flexible Spending Account?