If you have money left on your FSA debit card, now is a good time to put it in your wallet alongside your regular bank debit card. The end of the year is the annual deadline to spend your FSA funds.
You probably have an FSA card if you have a flexible spending account, an employee benefit that lets you deduct money from your paychecks tax-free for out-of-pocket health care costs. The FSA debit card may look like a regular bank card, but it can be used for health expenses only. The eligibility list is generous, however. Your next doctor’s visit copay, prescription refill or box of bandages could all be covered.
People who don’t use up their funds often leave an estimated $50 to $100 behind, according to representatives from FSAStore.com, an online site that specializes in eligible health care products.
There are advantages to using an FSA card to draw down your account, but in some situations, it’s better to use the card from your bank or other form of payment, then file a claim to be reimbursed. Here are some of the best times to use each.
WHEN TO USE AN FSA DEBIT CARD