“Learning about FSAs is more exciting than you think! Check out one of my FSA videos below. Betty the Benefactress and I explain the ins-and-outs of FSAs and take on an evil villain along the way. These FSA videos are fun, exciting, and informative!”
Inquiring minds want to know:
- Who is behind those possessed pastries?
- Will Captain Contributor be able to finish his “honey-do” list?
- Can the benefits superheroes save the day?
A Flexible Spending Account is an employer-sponsored benefit. An FSA can be used by the employee and their dependents. There is no health insurance requirement to sign up for an FSA.
FSA Contribution Limits
In 2020, participants may choose to set aside up to $2,750 in their FSA.
During enrollment season, employees can enroll in an FSA to cover common out-of-pocket healthcare expenses such as:
- Co-pays and deductibles
- Prescription medications
- Dental work, including exams, cleanings, braces and fillings
- Eye care, including exams, prescription glasses, contacts, and vision procedures
- Emergency or urgent care
- At home items such as blood pressure monitors, thermometers, and orthopedic braces
- First aid supplies, including non-medicated bandages
- Non-medicated sleep aids, like CPAP machines and eye masks
Your FSA will have one of three options, chosen by your employer:
- Use it or lose it – If you have unused money in your account at the end of the year, you lose it
- Grace period – Under grace period, you have an extra 2.5 months at the end of the year to use all of your FSA benefits from the last year. Any leftover money after that is lost.
- Rollover – Under this option, you can roll over up to $500 from one plan year to the next. Each plan is different, and your employer chooses how much to allow.
FSA Debit Card
If you have an FSA card, you can use it to pay for healthcare at approved locations. These include pharmacies and doctor’s offices. You can also shop online at retailers such as FSAStore.com, Amazon, Walgreens, and more. When shopping online, use the search tool and enter FSA to find qualified items.