20 Dec Have Unused HSA/FSA Funds? Let’s Put Them to Good Use!
Do you have any unused HSA/FSA Funds?
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are great ways to set aside tax-free money for medical expenses.
Funds in an HSA roll over from year to year, even if they aren’t spent.
However, with most FSAs, any unused funds will be forfeited at the end of the year.
As the year comes to a close, it’s important to think about how to utilize any remaining funds.
Understanding HSA & FSA
As we move into the period of open enrollment and end-of-year summaries, a critical choice many of us face is assessing our healthcare benefits.
This often includes deciding between HSAs and FSAs. Understanding the unique features and differences of these accounts is vital in making a well-informed decision for the upcoming year and ensuring you maximize your benefits before they expire.
Understanding HSAs
Health Savings Accounts offer a tax-friendly way to save for medical expenses for those enrolled in high-deductible health plans.
The contributions are tax-free, meaning you can allocate funds for future health costs without tax implications. The balance in an HSA carries over annually if not used.
Notably, these accounts are often linked to high-deductible plans, potentially leading to higher initial out-of-pocket costs, even though they may lower your premiums. Additionally, many employers contribute to HSAs, enhancing their appeal.
Exploring FSAs
Flexible Spending Accounts, on the other hand, allow you to allocate a portion of your pre-tax earnings for healthcare expenses.
The key difference from HSAs is the “use it or lose it” nature of FSAs. Any funds not used by the plan year’s end (barring specific exceptions for a grace period or limited carry-over) are forfeited.
Unlike HSAs, FSAs are not tied to any specific type of health plan.
Comparing HSAs and FSAs
Both HSAs and FSAs provide tax benefits and have annual contribution limits.
They cover a range of medical costs, including prescriptions, doctor’s visit co-pays, and medical equipment. However, HSAs differ in allowing fund rollovers and being linked to high-deductible plans.
HSAs are also portable across jobs, unlike FSAs.
As we approach the end of the year, let’s take a moment to consider using our healthcare accounts, like FSAs, before we lose any unused funds. This is a perfect opportunity to finally address those nagging health concerns that we’ve been putting off for far too long.
Let’s take care of ourselves so we can start the new year feeling our best!
Utilizing Funds at Eastern Oklahoma Chiropractic
For those with either HSA or FSA accounts, consider using your funds to invest in your health at Eastern Oklahoma Chiropractic.
Whether it’s routine chiropractic adjustments, pain management, or wellness consultations, your pre-allocated health funds can be effectively used for chiropractic care that enhances your overall well-being and addresses lingering health issues.
Don’t let your health benefits go to waste at the end of the calendar year.
Eastern Oklahoma Chiropractic offers an opportunity to optimize your benefits towards better health. Take advantage of your benefits and schedule an appointment with us today.
We will provide you with personalized care and treatment to help you achieve your health goals.
Contact Eastern Oklahoma Chiropractic today and let us help you make the most of your benefits.