If you’re enrolled in one of the health system’s flexible spending accounts (FSA), congratulations! Taking advantage of tax-free savings accounts is a smart and easy way to save money and maximize your paycheck.

Now that we are halfway through the year, this is a good time to check your balance and keep your eye on the calendar. FSAs are “use or lose.” It’s important to spend your FSA funds because the money does not roll over and you will lose unspent funds you’ve saved.

Below are tips to help you make the most of your FSA before it’s too late. Find more information on how our pretax savings accounts work here and access your accounts any time on Fidelity’s website or through their mobile app, NetBenefits.

 

Healthcare flexible spending account
This is used to pay for out-of-pocket qualified medical, dental and vision expenses with tax-free dollars. While some qualified expenses are familiar, there are other tips and tricks to get the most value from your healthcare FSA:

  • Front loaded advantage: Let’s start at the beginning. The annual contribution you chose (up to $3,050 in 2024) is the amount available to you on day one of the new plan year. Yes, you read that correctly! There is no reason to wait until your paycheck contributions accrue. The full amount is yours to spend on eligible medical, dental and vision expenses right from the start.
  • Share the wealth: Your healthcare FSA funds can take care of qualified medical, dental and vision expenses for you and your spouse and dependents. That can cover quite a lot ground!
  • Get creative: You might be surprised at how many options are available to use with your healthcare FSA. Sure, there are typically thought of expenses like copays, coinsurance and out-of-pocket medical costs. You can also take advantage of these:
    • Dental and vision out-of-pocket costs plus contacts, eyeglasses and orthodontics.
    • Non-traditional healthcare, such as acupuncture, chiropractic care, holistic healers and homeopathic medicine.
    • Mental health support, including psychiatric care, psychoanalysis and psychologist services. Don’t forget you also can access the health system’s EAP program – free to all employees!
    • Family planning, from birth control to pregnancy tests, to fertility treatments, to post-baby supplies to help with breastfeeding, and more.
    • Over-the-counter medicine, including pain relief, allergy and cold medicine, antacids and more. Stock up now for winter cold and flu season!
    • Supportive foot inserts, acne treatment, first-aid kits, sleep aids and so much more! Find a full list of eligible expenses here.
  • Sometimes we all need some grace: FSAs are “use or lose,” which means the amount left in your account expires at the end of the year. Good news: there is a grace period until Feb. 28, 2025, to incur expenses and you have until April 30, 2025, to submit claims for eligible expenses. Check your balance and submit your expenses on Fidelity’s website or through their mobile app, NetBenefits.

 

Dependent care flexible spending account (FSA)

This is used to pay for expenses related to caring for a child under age 13 or dependent adult while you work. Here are some tips and tricks to fully maximize your pretax dollars:

  • More than daycare: It’s easy to think of daycare, and possibly daycare only, to put your FSA dollars toward. But it goes beyond that to care for your children. Nanny? Yes. Preschool? Yes. Before and after school care? Yes. Summer day camp? Yes, but overnight camps are not eligible. The key is the care must be provided to children under age 13 during work hours. Sorry, the night-out babysitter doesn’t count.
  • Sometimes we all need some grace: FSAs are “use or lose,” which means the amount left in your account expires at the end of the year. Good news: there is a grace period until Feb. 28, 2025, to incur expenses and you have until April 30, 2025, to submit claims for eligible expenses. Check your balance and submit your expenses on Fidelity’s website or through their mobile app, NetBenefits.

Check your FSA account balance regularly ensure you’re on track for using all your funds. Access your accounts any time on Fidelity’s website or through their mobile app, NetBenefits.