Don’t lose what’s yours! Flexible Spending Account funds must be spent by New Year’s Day

Don’t lose what’s yours! Flexible Spending Account funds must be spent by New Year’s Day – Why not use them to help with caring for your older relatives this holiday season?

[O’Fallon, MO] Every year thousands of people lose money they put into their Flexible Spending Accounts (FSAs) because they don’t use it all toward qualified healthcare expenses by the New Year’s Day deadline. Many people don’t realize everything that qualifies as an appropriate expense and often forfeit funds that could have provided much needed help.

Visiting Angels Westplex wants to remind you that you may be able to use your FSA funds this holiday season to help with caring for your parents or dependent older relatives. While it’s always important to check with employers’ HR departments and individual tax advisors for plan specifics, most FSAs – both medical or health care and dependent care accounts – will allow individuals to use the funds to help pay for caregiving expenses for parents or other dependent older relatives. That means that things like doctors’ co-pays, durable medical equipment such as canes and walkers, and in-home care costs could be eligible to be paid from an FSA.

The standards for dependent care FSAs tend to be higher for reimbursement than those for medical or health care FSAs, so be sure to check with the plan administrator for details before allocating funds for caregiving costs. But for those plans that do allow such expenses, being able to bring in help during the busy end of year holiday season could be a major benefit to everyone.

If you are interested in scheduling help or have any questions about non-medical homecare options, just call Visiting Angels Westplex at 636-695-4422 or visit online at www.westplexhomecare.com.

CONTACT:           Jennifer Ryan Galantowicz, Visiting Angels Westplex

                                Office: 636-695-4422, Email: jennifer@westplexhomecare.com