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5 ways to help employees maximize FSA dollars
If your client’s employer-sponsored Flexible Spending Account (FSA) has a grace period, employees have until March 15 (for plans that ended Dec. 31) to spend FSA dollars from 2015. That’s good news, but did you know that many employees do not understand or know about the deadline? Research shows employers could be doing more to educate them; here are five tips from FSAstore.com that you can use to help employees understand and maximize their FSA.
Know what’s eligible.
Smartphone-enabled blood pressure monitors and home defibrillators are eligible FSA expenses, but what about baby monitors or medical tapes? There are more than 4,000 FSA-eligible products, and that list has grown and changed over time. Avoid keeping print copies of an outdated list and refer employees to online eligibility lists such as the comprehensive FSA eligibility list.