Five Simple Steps to Prepare For The Flexible Spending Account (FSA) Grace Period Deadline
New York, NY (PRWEB) March 09, 2015 -- FSAstore.com, the only e-commerce site stocked exclusively with Flexible Spending Account (FSA)-eligible products, released today five simple steps to prepare for the FSA Grace Period deadline. FSAs that ended on December 31 but with a Grace Period (a two-and-a-half-month extension), have a spending deadline on March 15, by which FSA holders must use any remaining 2014 account dollars. After the Grace Period ends, any leftover FSA dollars will be forfeited.
"The March 15 deadline is the last chance for many FSA participants to use their remaining 2014 dollars, or risk losing their hard-earned money," said Jeremy Miller, FSAstore.com founder and president. "As the deadline approaches, we encourage FSA holders to check for plan-year extensions and use their FSAs to maximize their remaining healthcare savings. The first thing consumers should do is confirm with their FSA administrator to determine if they have a Grace Period or other extensions. Then, visit FSAstore.com to shop for thousands of everyday healthcare products and to access tools to track future spending deadlines, learn about their accounts, and search for eligible expenses."
Five Steps to Prepare for the FSA Grace Period Deadline:
1. Check your remaining balance. Contact your FSA administrator (account information might also be available online) to review the remaining balance and ask about the spending deadline.
2. Submit (past) claims. Be sure to submit medical expenses to your FSA administrator before the March 15 deadline. Some administrators accept claims submitted online, while others prefer that FSA participants submit paperwork.
3. Use an FSA For a Range of Eligible Expenses. You might be surprised to discover the range of eligible expenses available with an FSA, including medical services not covered by regular health insurance and many health products. Use FSAstore.com's comprehensive Eligibility List to search for more than 800 products and services.
4. Save time with your FSA card. If you have access to an FSA debit card, use it to pay for eligible expenses and avoid having to submit additional paperwork. Please note: It is advisable to hold on to receipts, in case there is ever a need to substantiate a claim (prove that it is a valid claim).
5. Use it, Don't Lose it. FSAs have a "Use-it-or-Lose-it" rule. When available FSA dollars are not used, they get forfeited. Think beyond eyeglasses when spending down an FSA balance. Consider products like first-aid kits for travel and spring break, smartphone-compatible blood pressure monitors, breast pumps, and thousands of other products.
Miller added that while many consumers with an FSA have a Grace Period extension, some FSA plans now have a Carryover option. The Carryover allows account holders to roll over up to $500 in FSA dollars from year to year. FSAstore.com reminds consumers to check with their FSA administrator to confirm if the March 15 deadline applies to them.
About FSAstore.com
FSAstore.com was founded to make it simple and convenient to spend, manage, and use an FSA. FSAstore.com is the only e-commerce site stocked exclusively with FSA eligible products, eliminating any and all guesswork as to what is and is not FSA eligible. In addition to the 6,000 eligible products available, the site offers educational resources for FSA holders, including the most comprehensive Eligibility List in the industry and a Learning Center with answers to the most common FSA questions. FSAstore.com accepts all FSA and major credit cards, offers 24/7 customer service, two-day turnaround for all orders and free shipping on orders $50+.
Nicolette Orlemans, FSAstore.com, https://fsastore.com/default.aspx, +1 (888) 372-1450 Ext: 4, [email protected]
Share this article