We are fast approaching the end of the year deadline, so it’s time you used your FSA funds to purchase your needed diabetic products.
Getting started with a flexible spending account (FSA) can be confusing, but it’s very beneficial when living with any type of diabetes because most of your regular supplies are eligible. Staying ahead of your deadline ensures the money you put into your Flexible Health Savings account (FSA) won’t go to waste.
So, what is a flexible spending account? An FSA is an employer-sponsored healthcare benefit that saves money on certain medical expenses.
Flexible Spending Accounts (FSA) Explained
Opting for an FSA means determining how much of your salary you want to put into the account to help pay for specific medical-related costs. In 2022, the IRS put a contribution limit of $2,850 on FSAs, but these numbers can change yearly.
FSA funds are deducted from your check as pre-tax funds. So, unlike health savings accounts which you contribute to from each check throughout the year, FSAs are more of a “loan” from your employer.
For instance, let’s say you decide to put aside the entire $2,850 for the year and are paid bi-monthly. In this case, you’d pay $118.75 per paycheck to the fund. However, with an FSA, your employer allocates the portion of your annual salary of your choice into the FSA account. This amount is then deducted from each of your paychecks throughout the year.
FSA accounts are perfect for those with diabetes because you can use the funds immediately after you enroll. What’s more, is that an FSA allows you to buy a wide range of products, such as over-the-counter medications and sunscreen. Thus, saving you money out-of-your-pocket and more in the long run.
One of the most important things to understand about an FSA is that the money can only be used to purchase FSA-approved items. So, what type of diabetes products can you buy? Check out a short list below:
- Glucose Test Strips
- Glucose Monitors
- Lancing Devices
- Alcohol Prep Pads
- Sharps Containers, and more …
Here is a list of our FSA eligible products at Diabetic Outlet.
You should also know that sometimes these products can vary depending on your FSA, so it’s always best to check with your administrator if you’re unsure.
Use It or Lose It
The one bit of information that most FSA enrollees don’t know is that if you don’t spend the allowance each year, you lose the remaining balance at the end of the year. So, the best thing you can do is stock up on supplies you’re going to need or look into other services to avoid a loss of funds.
One great place to begin is by seeing what your remaining balance is and then browsing FSA approved products such as testing supplies that you always have a need for. And if you decide you don’t need any additional diabetic supplies, you can always use the funds toward doctor co-pays, dentist or vision appointments, and more.
Key Dates to Keep an Eye on
It’s always a great idea to reach out to your plan administrator about details of your deadlines. Specifically ask them about:
- Grace period – your employer may offer to extend your annual deadline.
- Rollover – whether or not you can keep some of the remaining funds in your account from the previous year.
It’s also important to ask about details of your run-out period. In simple terms this is the deadline by which you’re required to submit receipts from the previous year.
Ultimately, your FSA account is backed by your hard-earned money. So, the last thing you want to do is leave funds and give your insurance company more money on top of what you already pay! The Diabetic Outlet has a list of high-quality FSA approved diabetes products and blood glucose testing supplies. The end of the year is close, so browse our store and stock up today!