Do you wear eyeglasses, contact lenses or visit the dentist more than twice a year? If so, experts say a flexible spending account (FSA) is likely a good option for you.
FSAs can help your health care dollars go further — but only if you plan accordingly.
FSAs allow you to set aside money on a pretax basis to pay for health care and dependent care expenses. You can enroll in an FSA during this year’s open season benefits enrollment period, which runs from Nov. 12-Dec. 10.
Beginning Jan. 1, the maximum amount you can contribute is $2,700 toward a health care FSA and $5,000 toward a dependent care FSA.
With a health care FSA, you can roll over as much as $500 into the next year if you re-enroll. Anything above this amount must be used by Dec. 31.