Tuesday, December 26, 2017

Creative Ways to Spend FSA Money



In US there is a financial benefit made for employers to be used as a cafeteria’s plan. This financial benefit is called FSA, derived from Flexible Spending Account. It is a type of savings account taken from their paycheck and deposited into FSA. This type of savings is kind of beneficial to employers as it is not subject to federal income tax or either to state income tax withholding. So, the total taxable income of the employers for the whole year is subtracted by the total amount provided to the FSA. The fund deposited to FSA is mostly used to pay their medical expenses, but often for dependent care. However, this account has a limited period to spend. So if the employer does not use his/her FSA during that period, they will lose it for nothing. Then that will be such a waste, won’t that? Now the employers have their creative ways to spend FSA money effectively that it won’t be a waste.

Spend It or Lose It

Having benefits from Flexible Spending Account, many employers use this account to have some medical treatments, such as acupuncture, dental care, LASIK surgery and other kind of treatments. This financial account, need it or not, have to be spend or else you will lose the funds you have collected for a year in vain. In many cases, employers don’t have time or even don’t pay any attention on their health issue, whereas, they have deposited their paycheck each month to FSA for the whole year. This deposited money can only be used as cafeteria’s plan which for medical treatment purposes. If an employer doesn’t use it, he can’t refund it or get it back. In other word the employer will lose the FSA money if they don’t spend it until the deadline comes. What a waste. That’s why they have to find some creative ways to spend FSA money. If you don’t have any idea what to do to spend your FSA, here are ways to spend your FSA money

First, you can spend FSA money to buy your home first-aid supplies for wellness. Stock up your health care supplies at home using your FSA money. This is one effective ways to spend out your last few dollars on some useful items without taking some time to do extra visits to the doctor just in case you have no time due to your tight schedule.

Getting eyes checked up is also one creative ways to spend FSA money. Your FSA money will cover all your eyes treatment expenses. Your Flexible Spending Account will pay your contact lenses, eyeglasses, laser eye surgery, or even your eye examinations. That’s why you’d better take some time to make an appointment with your oculist or ophthalmologist. Schedule up your time to get your eyes comprehensive checked and find whether there are any signs of eyes disorders like cataracts, glaucoma or other severe conditions.

If it happens for you who want to quit smoking, you can use your FSA money to get any comprehensive programs to stop doing this unhealthy habit including therapy, medical treatment, or replacement of nicotine.

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