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FSAs - 1 Charlene Rhinehart - 1 Rhinehart - 1 HSAs - 1 they'll - 1 doesn't - 1
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☆ Tax-advantaged accounts can help you save on health-care costs—here's how HSAs and FSAs differ
  + stars: | 2023-11-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com   time to read: +3 min
Health savings accounts and flexible spending accounts are both tax-advantaged financial tools that can help you save money on your medical expenses. Some FSA funds may roll over into the new year, but it depends on your plan sponsor, according to FSAStore. If you invest your HSA funds, the earnings are also tax-free, giving HSAs a triple tax advantage. "Your HSA custodian doesn't micromanage your HSA expenses like they will your FSA," Rhinehart says. She says it's a good idea to keep receipts when you use your HSA funds just in case you're ever audited.
Persons: FSAs, Charlene Rhinehart, Rhinehart, HSAs, they'll, doesn't Organizations: CNBC, Fidelity, Internal Revenue Service Locations: FSAStore
☆ Don't miss these approaching deadlines if you have a health care flexible spending account
  + stars: | 2023-03-03 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +3 min
The most common deadline for this is March 31, she said, although some companies may give you six or 10 months. Some offer a grace period or carryover amountMeanwhile, some employers also provide a grace period to spend any remaining 2022 FSA money — meaning qualifying 2023 health care expenses also can be applied against last year's balance. "You can think of it as a two and half-month extension of your 2022 plan," Myers said. For those with a grace period, that share is 37%. Check with your employer about its FSA rulesIt's common for workers to not know what their employer's FSA rules are.
☆ Consumers lay out $1,600 yearly for health-care products that flexible spending accounts could have covered
  + stars: | 2022-11-22 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +1 min
If you have unspent money in your health-care flexible spending account, now's the time to make a plan to use it before you lose it. Health-care FSAs let workers stash away pretax dollars for qualifying expenses. The good news is that even if you don't have medical needs to spend the funds on — i.e., doctor's appointments or prescription drugs — an estimated $1,600 is spent by households each year on health care products that could otherwise be purchased using FSA dollars, according to FSAStore.com. This means it's likely you'd find a way to spend the money on things you'd end up buying anyway. The contribution limit to FSAs this year was $2,850, and in 2023 will be $3,050.
☆ You may have ‘more money than ever’ left in a health FSA this year. What you need to know before pandemic relief expires
  + stars: | 2022-10-14 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +3 min
Rules on how health FSAs workHealth FSAs let workers stash away pretax money for qualifying medical expenses. The standard deadline to use your health-care FSA money is Dec. 31 of the year in which you make the contributions. At the remaining 23% of companies, you forfeit funds remaining in your account after Dec. 31. However, that's below the 48% with a traditional Dec. 31 deadline who forfeit money, and 49% of those who are allowed to roll over money. If you're uncertain what the rules are for your FSA, reach out to your company's human resources department, Rouleau said.
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