More Money, More Opportunities
This article serves as a reminder to those with Flexible Spending Accounts (FSAs) to use their funds before the end of the year, as FSAs operate on a “use it or lose it” basis. While the IRS allows a 2.5-month grace period (until March 15, 2025) or a carryover of up to $500, employers ultimately decide how leftover funds are handled. FSAs allow for pre-tax money to be set
Rising medical deductibles are outpacing income increases, leaving many struggling to afford care. The article suggests strategies to manage this, including utilizing Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), shopping around for lower prices, carefully reviewing bills for errors (which are common), proactively seeking assistance and negotiating payment plans with providers, and exploring lower-cost wellness alternatives to avoid delaying necessary care.
Rising health insurance deductibles are becoming increasingly difficult to manage, with the average single person’s deductible reaching $6,575 in 2023 – a 7% increase from the previous year. The article offers strategies for those struggling to meet these costs, including utilizing Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), shopping around for lower prices on medical services and medications, carefully reviewing bills for errors (which occur in up to 80% of
