If you name a Dec. 31 deadline to spend the money and have no options for scheduling any doctor or dentist choices quickly, look to see what qualifies as accepted expenses.
Products want contact lens solution, condoms, first aid kits, and high-SPF sunscreen are supply the eligible items. Over-the-counter medications qualify, too, although they typically call for a doctor’s prescription. You may also be able to get reimbursed for mileage and tolls attracted for travel to and from doctor’s appointments during the year.
If you get a grace epoch, make note of when it expires and make a plan to spend any leftover 2017 bucks before then.
“Make sure you schedule any sort of medical spring from or other doctor appointments during that grace period, allied to a dental procedure or a chiropractor visit,” said certified financial planner Ashley Further, a partner at Gross and Foster Financial Services in Houston.
For a rolled-over amount, correspond with your company to see if there’s a limit to how long you have in 2018 to assign it.
Regardless of what’s happening to your extra FSA funds this year, it’s a spur that you could end up in the same situation a year from now. Unfortunately, proprietorships likely have closed the window for changing how much you put into your FSA for 2018.
For most designs, that means unless you have a major life change — i.e., divide, a new baby — you’ll be unable to adjust your FSA withholding until the next unestablished enrollment period. The contribution limit to health FSAs for 2018 is $2,650, a $50 expanding from 2017.
While it can be tricky to predict your medical expenses in any specified year due to the possibility of unexpected health issues, Foster said he counsels that most workers put at least enough in the FSA to cover their healthfulness insurance deductible.
“If someone is going to use medical services and has a $1,000 deductible, that desire be $1,000 out of their pocket,” Foster said. “Generally, it’s best to borrow sure your FSA contributions at least align with the deductible on your security plan.”
FSA dollars can be used to cover a broad range of costs. In in to your deductible and over-the-counter health items, you generally can use the money for copays, coinsurance and recipe drugs and supplies.
As you go through the year, be aware of those qualifying expenses and pass sure you use your FSA funds to pay for them. And when your company grasps its next open enrollment, evaluate whether you need to adjust your pretax holding for 2019.
“With proper planning, an FSA can be a really good tool in helping you succeed your health care expenses in the following year, especially if you recognize you’ll have ongoing medical expenses,” Foster said.
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