Making The Most Of Your Flexible Spending Account | NBC News NOW

Channel: NBC News
Published: 12/14/2019

NBC News’ Stephanie Ruhle has some tips to help you make the most of your Flexible Spending Account before the end of the year. » Subscribe to NBC News: » Watch more NBC video: NBC News Digital is a collection of innovative and powerfu...

I'M stephanie ruhle, and this is better business for a lot of us thinking about our finances, makes our head spin gives us a stomachache, but do not worry. We have got you covered. I am here to help you figure it all out. Let'S start with your fsa, the year is almost over, and that means it is time to check on your fsa. Don'T know what it is: it's your flexible spending account the money you put a ...
ide pre-tax to use towards health related expenses. It'S really important. We know we've got expensive health care costs. This account is all about saving money, and i know you want to save money. So if you contribute the full amountfor one year, that's two thousand six hundred and fifty bucks that saves eight hundred dollars that you don't have to pay in taxes. But you must be careful that money could actually disappear if you don't use it all before the end of the year. That'S important, remember you put it aside. You'Re gon na save money, but if you don't use it by december 31st, it is gone.

So if you have some extra cash in your fsa to spend, i want to give you a few ideas of what you can do with it. First things first check your balances, see what you've got in there. Sometimes your employer will let you roll over 500 bucks into thenext year. If you haven't sent it yet or they might give you a few months extension to spend. So you need to make sure you know what you're working with before you make a plan. Let'S think about doctor's visits, eye exams, glasses contacts and dental cleanings, they get all the eligible expenses and if you, unlike me, are all caught up on those appointments, you can always stock up on things. You will need contact solution. If you are contact, i know you need the solution so buy it now or let's say you're a new or expecting parents use those fsa dollars to pay for breast pumps, birthing classes and certain kind of baby monitors just checkthe list, hank, there's other newborn accessories. That cost a lot or wouldn't you like to use this money, so let's say you've only got a little bit of money left in the account. You can also go into your medicine cabinet and refill your first-aid kit, i'm pretty sure you're gon na go to a few holiday parties and you some ibuprofen so stock up on bandages, hot and cold packs. Even sunscreen is eligible. You can use that money for a flu shot if you haven't had one yet this is the time to get it now.

You can use your fsa money. These are just a few of the items for the full list of eligible items. Youcan go to fsa store, comm and shop directly there. I do not want you to let your hard-earned cash go to waste. You'Re gon na be starting a new year in good health. That is my better business thought for the week. For these and more money tips go to nbcnews. com, slash, better [ music ], hey nbc news viewers, thanks for checking out our youtube channel subscribe by clicking on that button down here and click on any of the videos over here to watch. The latest interviews show highlights, and digital exclusives thanks for watching.

Watch Next