Flexible Spending Account mid-year check
We’re past the halfway point of 2022, and for Flexible Spending Account (FSA) participants, it’s a good time to check your FSA balances and take steps to make sure you spend all your remaining funds before the end of the year. Here’s some additional reminders:
Health Care FSAs
- Use Health Care FSA funds to purchase summer-related items such as sunscreen, medical cold packs, and prescription sunglasses.
- Schedule any necessary back-to-school check-ups and sports physicals if you have children.
- Many over-the-counter items are FSA-eligible, such as aspirin, cold medicine, antacids, and feminine care. See the complete list of Health Care FSA Eligible & Ineligible Expenses. You can also shop online at the FSA Store.
- This year, you can roll over up to $550 of unused funds into next year. Any other remaining funds in your account are forfeited. Next year, the rollover amount increases to $570.
Day Care FSAs
- Use your Day Care FSA to pay for day care or dependent care expenses for your child under age 13, disabled spouse, or dependent parent so you can work or attend school full-time.
- Day Care FSA funds can also be used to pay eligible family members to watch your children.
- Online or virtual day cares and camps are not eligible for reimbursement, according to IRS regulations. See the complete list of Day Care FSA Eligible & Ineligible Expenses.
- If you do not use all your Day Care FSA funds within the plan year (Jan. 1—Dec. 31, 2022), any remaining funds will be forfeited.