Health Savings Accounts End of Year Strategies
Flexible Spending Accounts Especially Need End of Year Attention
Let's take a look at the HSA account first. The HSA account is for individual who have high deductible health insurance. The MSA account was designed for self employed individuals. These types of accounts as well as the FSA account are ways to save money for medical expenses. FSA accounts are normally offered through the business that a person works for as an employee.
At the end of the year the money that is in your HSA or MSA account will roll over to the next year so that you will be able to use that money and/or add to it in the next year. The FSA account, however, does not rollover to the new year, and any money left in the account is forfeited.
The Federal Government regulates all health spending accounts. Since we are getting so close to the end of the year, here are some ways to use the money in your FSA account.
If you need glasses, have an eye exam and purchase them before the end of the year.
If you have any prescriptions that your health insurance will allow you to purchase, do it before the end of the year.
Visit your dentist for a teeth cleaning.
If you need dental work, do it before year end.
Examine your records, make sure you have submitted everything, and have receipts. If you are missing any receipts, be sure to contact your provider to obtain documentation.
These spending accounts can be useful to your personal finance in order to reduce your tax obligation, but if you don't plan appropriately you can lose money.
You can also lose money on health savings accounts if you don't know how they work. You can get reliable information on how health savings accounts work by going to the IRS site and looking here. You will need to check each year to see if there have been any changes made to these types of accounts.
Sources:
Published by Pat Bartels
Previously employed in the Human Resources field, Pat enjoys traveling and tweaking computers when she is not writing articles for Associated Content and Factoidz. She is fascinated with personal finance, th... View profile
- Guide to Flexible Spending AccountsThe deadline to spend your flexible spending account money is approaching March. Do you know where you can use the money? Tips on how to spend and whether the account is a good idea for you.
- Health Savings Account is a Great Alternative to Traditional Healthcare PlansThree years ago, President Bush signed a bill into law that created the Health Savings Account. Many people are scared of the transition to this type of plan. The fact is, many can save money by switching to a high...
How to Use Your Flexible Spending Account for MassageIt's not so far out as you might think. If prescribed by your health care provider, massage therapy might be a covered expense under your FSA or HSA.- Don't Lose Out on Contributions to Your Flexible Spending AccountWhat you need to know about flexible spending accounts before you leave your job--voluntarily or otherwise.
- The Downside of Flexible Spending Accounts when it Comes to Childcare!Most employees are usually given an option of whether or not they want to contribute to their company's flexible spending accounts
- Facts About Flexible Spending Accounts & Health Savings Accounts
- Understanding Debit Card H.S.A. (Health Savings Account) and F.S.A's (Flexible Spe...
- Flexible Spending Account (FSA) Vs. Health Savings Account (HSA): A Side-by-Side C...
- Understanding Flexible Spending Accounts
- Health Flexible Spending Accounts
- The New Health Care Bill Limits Flexible Spending Accounts
- Top 5 Reasons You Need to Use Your Health Care Flexible Spending Account (FSA)