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A Week Left to Spend Your 2024 FSA Money: How It Works and What You Can Buy

The article from CNET discusses the urgency of spending Flexible Spending Account (FSA) funds before the end of the year, as most plans operate on a "use it or lose it" basis, with a deadline typically around December 31, 2024. FSAs allow employees to set aside pre-tax earnings for healthcare expenses, effectively reducing their taxable income. However, any unused funds might be forfeited unless the employer offers a grace period or a limited rollover option. The article outlines what can be purchased with FSA money, including medical supplies, over-the-counter medications, and certain health-related products like menstrual care items, sunscreen, and even some types of food for specific medical conditions. It also mentions that while some employers might allow a carryover of up to $610 into the next year, this is not universally applicable. The piece advises checking with HR for specific plan details and encourages using the funds on eligible expenses before the deadline to avoid losing the money.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/a-week-left-to-spend-your-2024-fsa-money-how-it-works-and-what-you-can-buy/ ]