If you pay for an eligible expense out of pocket, you can reimburse yourself with your FSA. Save your receipt and submit it through your provider’s online portal. Money will be moved from your FSA back into your pocket.
Even simpler, your provider might offer an FSA card. FSA cards are basically debit cards that are tied to your account. When you go to pay for eligible services or products, you can pay for it directly with your card. No need to worry about reimbursement!
What happens at the end of year
Unlike other savings accounts like 401(k)s and IRAs, the money you put in an FSA doesn’t roll over into the new year. That means that you’ll need to use all of the money that you’ve contributed this year or you’ll lose it.
There are a couple exceptions to this rule, but your employer might not offer them. You might be granted an extra two and a half months to use your FSA dollars from the previous year, or you might be able to roll over up to $500. Check with your employer to see if they offer either exception.
Since your FSA dollars don’t roll over, you’ll want to spend them before you lose them. Thankfully, there are a number of eligible medical, dental and vision expenses for you to consider.
Your FSA can cover a range of expenses, from doctor’s visits to surgeries. You can use it to pay for small expenses like bandages and sunscreen to larger expenses like new eyeglasses and home testing kits. Your spouse and child’s expenses are covered, too!
Here are just a few diabetes care items that can help you use your FSA dollars before they expire:
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