Funds deposited into an FSA must be used within the calendar year.
Neenah, WI (PRWEB) December 20, 2011
As this calendar year comes to an end, The CareGiver Partnership offers tips on ways to get the most for your money when using flexible spending account funds, as well as online resources that address tax planning and budgeting for next year.
“While many private insurance plans do not cover incontinence supplies, some may be reimbursed through a health savings account or a flexible spending account,” says Lynn Wilson, co-founder of The CareGiver Partnership, a national retailer of home healthcare products that helps caregivers and their loved ones maintain personal dignity. “Unlike an HSA, where funds roll over and accumulate year to year if not used, funds deposited into an FSA must be used within the calendar year.”
With an FSA, an employee sets aside a portion of earnings, which are not subject to payroll taxes, to pay for qualified expenses. Purchases, such as those for incontinence supplies, must be made by Dec. 31, then receipts are submitted to a plan administrator and participants receive reimbursement checks.
Wilson offers tips for getting the most for your FSA money when shopping for incontinence products online:
- Purchase from retailers that carry large selection of briefs, underwear, pads and inserts, including premium brands as well as lower-priced alternatives.
- Look for retailers who offer everyday specials and accept manufacturer’s coupons.
- Ask about free shipping, especially when placing a large order.
- Ask the retailer you’re considering if there is any type of referral program, so you and a friend both can save money off your orders.
- Only buy from online retailers who guarantee product satisfaction and personalized customer service.
- When planning for next year’s purchases, consider the convenience of an automatically scheduled home delivery service such as Never Run Out (SM).
For more information on how to receive reimbursement for incontinence supplies, see Taxes and Incontinence Supplies. Find more financial tips in What to Consider When Budgeting for Incontinence Products.
The CareGiver Partnership is a national direct-to-consumer retailer of home healthcare products for incontinence, diabetes, nutrition support and more. In its fifth year of providing products and services that help caregivers and loved ones maintain personal dignity, the company also offers an online library of more than 1,000 family caregiver resources and personal service by experts in caregiving. Call 1-800-985-1353 or visit online at http://www.caregiverpartnership.com.