As the end of the year approaches, review your FSA and HSA accounts and spend down balances that won’t roll over.
Sarah Gantz | The Philadelphia Inquirer
Some key differences: While HSAs allow you to carry over any unused contributions into the next year, the balance in health FSAs often expires at the end of the year. Any money unspent in FSAs may be lost. These accounts can help pay for qualified health expenses, including co-pays, prescription drugs, medical equipment, and over-the-counter medication.
The FSA contribution limit for 2022 is $2,850, the money generally must be used by the end of the year. Employers may give employees a grace period of up to two and a half months to spend the remainder of their balance, and may allow employees to carry over up to $570 in 2022.How can I spend my FSA balance before it expires?
—Get a doctor’s note. With a letter of medical necessity from your doctor, your FSA may cover a gym membership, a fitness tracker, an ergonomic chair and even an air conditioner.
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