Use Your FSA NOW or Risk Forfeiting Your Money!
Flexible spending accounts operate on a “use it or lose it” policy. Any unused money left over at the end of the year will expire. Plan your vein care now to take full advantage of your funds.
A Flexible Spending Account (FSA) is a “tax-advantaged account,” allowing you to save money equal to the taxes you would have paid on the money you set aside in the account.
The advantages of FSAs
Using these pretax dollars on certain medical expenses, including everyday health care items (think band-aids, sunscreen, and over-the-counter drugs medications), and medical procedures, you reduce your taxable income. You will owe less in income taxes for the year.
In many ways, FSAs can make good financial sense.
The disadvantages of FSAs
The problem is that while you may be your FSA account holder, you don’t actually own it—your employer does. Therefore, your money is subject to your employer’s rules. These rules include a time limit of only one year to use the funds (unless your employer offers a two-month extension). Any unused money in your FSA is forfeited when the time limit expires.
The nonprofit Employee Benefit Research Institute (EBRI) estimates that more than 40 percent of employees with FSAs forfeited at least part of their account contributions in recent years, losing between $339 and $408 annually, by not spending all of their FSA money by the end of the year.1
Employers got to keep an estimated $3 billion in unused FSA contributions in recent years.1
IT’S YOUR MONEY! Don’t let this valuable asset go to waste. Make a plan to use it today!
What are considered eligible medical expenses?
The IRS defines medical expenses as “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body. These expenses include payments for legal, medical services rendered by physicians, surgeons, dentists, and other medical practitioners.”
According to FSAStore.com, procedures to address symptoms of vein disease, including correcting varicose veins, are eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA), or health reimbursement arrangement (HRA).
Act now! The time left to spend your health FSA money is ending soon!
An estimated $400 million to $500 million in FSA dollars are forfeited annually.2 Don’t leave your hard-earned money on the table. Schedule your vein health evaluation or treatment NOW.
If you suffer from varicose veins, spider veins, achy or heavy legs, leg swelling, itching, or cramping, you owe it to yourself to use your FSA money wisely with the experts in vein care.
Schedule with a vein doctor near you
Center for Vein Restoration (CVR) is the nation’s leader in diagnosing and treating venous insufficiency (vein disease). CVR offers minimally invasive, office-based vein procedures by highly qualified, board-certified physicians.
CVR knows leg veins. In fact, personalized vein care that changes lives is our sole focus. And, with over 100+ vein clinics nationwide, chances are there is a location near you.
Call 240-965-3915 to speak to a helpful Patient Services Representative, or schedule online.
- Money Magazine, March 14, 2022
- Insider, December 10, 2021
