Maximizing Your HSA/FSA: Year End Tips You Need to Know

As we approach the end of the year, it's the perfect time to take a close look at your Health Savings Account (HSA) or Flexible Spending Account (FSA) to ensure you’re getting the most out of your benefits. These accounts are valuable tools that can help you save money on healthcare costs, but they can also come with specific rules and deadlines. Here are some practical tips to help you maximize your HSA or FSA before the year ends.

1. Review Your Balances

Start by checking your account balances. For FSAs, be mindful of the “use-it-or-lose-it” rule, which means you may forfeit any unused funds at the end of the plan year unless your employer offers a grace period or allows you to carry over a small amount. Knowing your balance will help you prioritize spending.

2. Schedule Necessary Appointments

If you’ve been putting off important medical appointments, now is the time to get them scheduled. Whether it’s an eye exam, a routine check-up, or dental work, make sure you use your HSA or FSA to cover these expenses before the year closes.

3. Stock Up on Eligible Products

Don’t forget about eligible over-the-counter items and health supplies! From contact lens solutions to prescription glasses, now is a great time to purchase items that are eligible for reimbursement. This is especially true for products you regularly use throughout the year.

4. Plan for Upcoming Expenses

Think ahead about any upcoming medical expenses you may incur in the next few months. If you anticipate needing specific services or products, using your HSA or FSA funds before year-end can help you avoid out-of-pocket costs in the new year.

5. Submit Claims for Reimbursement

If you’ve already paid for eligible expenses out-of-pocket, be sure to submit your claims for reimbursement before the deadline. Keep all your receipts organized and submit them as soon as possible to ensure you don’t miss out on getting your money back.

Maximizing your HSA or FSA before the year ends can help you save on healthcare costs and ensure you’re making the most of your benefits. By reviewing your balances, scheduling appointments, and stocking up on eligible items, you can take full advantage of these valuable accounts. If you have questions or need guidance on eligible expenses, schedule a consultation with 2020 EyeMax.  You can visit our office in Lexington, Kentucky or call (859) 787-0936 to book an appointment today.