What is a Flexible Spending Account?

A Flexible Spending Account is a fund which allows you to pay for eligible medical expenses with pre-tax money. Doctor office co-pays, bandages, contact lenses, contact lens solution, etc. are eligible expenses. Many employers include the option of a Flexible Spending Account with their benefit package.

Use it or lose it!
Flexible Spending money must be used by a specific date set by your provider.* If the funds are not used by this specified date, all remaining money is lost.

Here are some tips to make sure this doesn’t happen to you:

Talk to your company or provider about enrollment and expiration dates.

Track your exact balance throughout the year.

Don’t wait until the last minute. Last minute purchases run the risk that they will not be eligible for reimbursement.