FSA, “USE IT OR USE IT” RULE CANCELLED ?
FSA, “USE IT OR USE IT” RULE CANCELLED ?
It's that time of the year again, where we all scramble to gather our receipts to close out the tax year, schedule our last minute appointments before our health plans renew or change, and if you have a Flexible Spending Account (FSA) using your remaining pre-tax saving balance before its forfeited, can feel like a mad dash to beat the clock before your carriage (like cinderella) turns into a pumpkin.
Whats an FSA?
FSAs, also commonly known as Medical FSA’s or Healthcare FSA’s, allow employees to stash away up to $2,750 for each qualifying account of pre taxed earnings for eligible health and wellness expenses that insurance doesn't cover. Some of the most popular expense usage are deductibles, copayments/coinsurance, vision care, Physical Therapy, and over-the-counter medicines or equipment.
How do FSA’s work?
Under normal terms and circumstances, FSA accounts typically need to be spent and depleted by December 31st. If the account holder doesn’t use up all of the money in their account, they can roll over up to $550 to the next year, or spend it during a two-and-a-half-month grace period- depending on their employer. This leads many people in haste to spend down their accounts by stocking up on extra unneeded Advil, sunscreen, and other generic needs on amazon in excess just so they don't lose out. The rest of Americans forfeit an estimated 400 million per year.
What changes did the US Treasury make?
Well, there is good news for some! Regardless of which type of FSA you have, new legislation signed into law late last year allows you to roll over any unused funds from 2021 to 2022 for use at any time next year- if your company opts in. This is also applied to unused 2020 FSA money, which could be carried over into 2021. This provides 12 additional months for account holders to utilize their funds more intentionally and sensibly.
The best next steps ?
This is the time to find out if your employer opted in for this extension. Whether your employer opted in or not, don't be so quick to bring 2021 to a close without maximizing your health benefits. Now is the time to take advantage of any unused insurance benefits. Click Here to learn more about what other health benefits you can be losing out on.
Using all available benefits to complete any outstanding treatment, preventive or maintenance Physical Therapy sessions is one of the best ways to take a value added approach when considering how best to utilize your FSA funds. Even if you don’t have any immediate pain or issues, you and your family should always have treatment sessions and screenings periodically, looking for early signs of imbalance, postural changes, arthritis etc,. This is a great way to take preventative measures to sustain your care. Another option is, if you are anything like me, getting more fit is always at the top of my new year's resolutions list but I don't want to be in the gym when it is the most packed at the start of the year. Utilizing my extra FSA funds is a great way for me to kick start my fitness goals early, to balance out adding potencial holiday pounds. I work directly with my therapist (Dr. Gil Halfon) on a routine that is safe, practical and custom to my goals all while having the best, soothing, hands on manual (PT massages) this side of Brooklyn after my training sessions.
How to get started ?
We’re ready to help you move healthier, happier and pain free in 2022!
Call us today to schedule your appointment 1-718-258-3300 or find us online by clicking here or schedule via ZocDoc.com
About EvolveNY-
Brooklyn's Premier Holistic Physical Therapy Clinics- There’s physical therapy, there’s training, and then there’s EVOLVE. We use the science of biomechanics merged with fitness to help our patients get better and stay better! First we evaluate, then we heal, then we strengthen our clients so they can reach their goals, feel better, and live happier lives. We do so by utilizing a range of core techniques and specialized treatments to reduce pain, improve mobility, enhance physical strength and deal with the underlying issues, not just the pain itself.
Multiple Locations!
https://EvolveNY.com