For many of us, the normal workplace landscape has changed significantly this year. With many employers opting to host a virtual Open Enrollment, employees will need to keep an eye on their inbox for updates. When it comes to your Flexible Spending Account (FSA), here are three tips to consider during Open Enrollment.
Know Your FSA Plan Rules
While it’s always a good habit to review the particulars of your FSA, like plan dates and optional provisions, it’s especially important to consider any new rules your employer may have adopted this year. Did your employer add a grace period or carry forward provision, giving you additional time to spend your balance? Knowing any plan changes ahead of time can impact your election, so stay informed. Check with your HR or benefits department to confirm any changes to your plan.
OTC Medicines are Now Eligible
One of the most exciting changes this year is OTC medications and feminine care products are now reimbursable with your FSA or HSA. Passed under the CARES Act of 2020, this rule rolls back the Affordable Care Act legislation that previously prohibited OTC medications from reimbursement unless prescribed by a physician. With the new CARES Act, account holders have more opportunities to use pre-tax dollars and increase their savings. Keep this in mind when determining your annual contribution amount.
Virtual Open Enrollment Tools
Unsure of how much to contribute? Overwhelmed by your options? P&A makes it easy with easy-to-use enrollment tools.
- Estimate how much you should contribute with our FSA calculator. When evaluating your election amount, make sure you consider your annual predictable expenses.
- For a quick refresher on what a Flex plan is, or to review how to use the plan, Penny Panda provides a quick tutorial on everything Flex Spending.
- Download P&A’s mobile app for quick access to your account. Stay updated with account alerts, view your account balance, see if an expense is eligible with EZ Scan and more!