Calculating your FSA (Flexible Spending Account) and HSA (Health Savings Account) spend involves determining how much money you have contributed to your accounts and how much you have spent on eligible expenses.
We have created these Financial Calculators to do the heavy lifting for you. However, if you are curious to read a step-by-step guide to calculate your FSA and HSA spend independently, we have you covered too.
- Determine Your Contributions: Review your pay stubs or account statements to see how much money you have contributed to your FSA or HSA during the current year. Both FSA and HSA contributions are typically made through payroll deductions, so you can find this information on your pay stubs.
- Check Your Account Balance: Contact your FSA or HSA provider or log in to your account portal to find out your current account balance. This will include your contributions, any employer contributions (if applicable), and any interest or earnings on the account.
- Identify Eligible Expenses: Make a list of all the eligible expenses you have incurred during the year that are covered by your FSA or HSA. Common eligible expenses include medical copayments, prescription medications, medical supplies, vision expenses (glasses and contact lenses), dental expenses, and other qualified medical expenses. Keep the receipts and documentation for these expenses.
- Calculate Your Spend: Add up all the eligible expenses you have incurred during the year. This amount will represent your FSA or HSA spend for the year.
- Check Your Plan Rules: Be aware of any deadlines or grace periods for using FSA funds. Some plans may allow you to carry over a limited amount of unused FSA funds to the next year, while others may require you to use the funds within a specific timeframe (usually the end of the calendar year).
- Submit Claims: If you have not done so already, submit the necessary claims to your FSA or HSA provider for reimbursement. Most providers allow you to submit claims online or through a mobile app. Make sure to follow their guidelines and provide all required documentation.
- Review Your Account: After reimbursement, review your account balance to ensure that the funds have been properly deducted, and you have been reimbursed for eligible expenses.
Remember that the rules and regulations for FSA and HSA accounts can vary, so it's essential to familiarize yourself with the specific terms and conditions of your plan. If you have any doubts or questions, contact your FSA or HSA provider for assistance. Additionally, consult with a tax professional if you need help understanding the tax implications of your FSA or HSA contributions and expenditures.