Is contributing to a Flexible Spending Account (FSA) right for you?
Selecting the right healthcare plan can be incredibly confusing. With so many options available, how do you choose what is right for you? Your employer may have a plethora of options available to choose from and a Flexible Spending Account (FSA) may be one of them. How do you decide if contributing to an FSA is right for you? HPFY has the information you need to determine if contributing to an FSA is worth it.
Healthcare plans are numerous and complex. Choosing one that’s right for you, your family, or your lifestyle can be an arduous task. For employees whose employers provide a Flexible Spending Account or FSA, understanding what they are may help you decide if contributing is a good idea.
An FSA is a special account you contribute to in order to cover copayments, deductibles, some drugs, and other qualified healthcare costs. Also, since these contributions are pretax, they can reduce your taxes. Benefits of a Flexible Spending Account according to the IRS can include:
You can use FSA funds to pay qualified medical expenses before contributions are made
Contributions to a Flexible Spending Account can also be used for applicable dental or even vision benefits. The IRS sets the contribution limits for each FSA. In 2022 the IRS set contribution limits at $2850 for an individual; for 2023, they have increased this amount to $3050. Those qualified for FSA reimbursement include:
For employees whose employer offers a Flexible Spending Account, the question is - “is it right for me?” Some of the benefits for employees contributing to an FSA include:
While you can use your FSA for qualified healthcare expenses, each employee needs to know what the FSA cannot be used for. Some of these include:
Employees must also consider the downsides to each plan. For instance, each plan is different, and employees must learn/understand how to use their plan properly.
Also, after a grace period or carryover, employees lose all contributions to their FSA. This can require some foresight when planning medical expenses, if possible.
So, use it or lose it!
HPFY labels what products are FSA eligible. Weigh the pros and cons to see if a Flexible Spending Account (FSA) is right for you.
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