As we’ve reached the midpoint of the year, it’s an ideal time to remind your plan members to check their flexible spending account (FSA) balances. FSAs offer significant tax savings on eligible health care expenses, but only if members manage their accounts wisely.
Checking FSA balances now helps members:
- Stay on Track. Members can assess how much they’ve used and what’s remaining in their accounts – ensuring they make the most of their benefits.
- Prevent Forfeiture. If your FSA plan has a “use it or lose it” rule, reminding members now gives them time to plan eligible expenses before the end-of-year deadline.
- Plan Smart Spending. Mid-year is a great time to schedule that eye exam, buy needed medical supplies, or consider other eligible expenses like dental work, prescriptions, or sunscreen.
MedBen Access is a handy tool to help your members stay on track with their FSA activity. Whether it be online or via our mobile app, members can view their current FSA balance, recent claim submissions, and payment history. Plus, members can easily submit their FSA substantiation receipts.
Also helpful in maximizing account benefits is FSA Store, which sells over 2,500 FSA-eligible products. Members who use their debit card at FSA Store do not need to substantiate their purchases… and those purchases are automatically noted on their account balance.