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. 11-Dec. 9.
Beginning Jan. 1, the maximum amount you can contribute is $2,750 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 reenroll. Anything above this amount must be used by Dec. 31.
You can learn more about FSAs on the Open Season and FSA LiteBlue pages.