Does your FSA or HSA need a midyear checkup?

May 24, 2021

​Before you settle into summer, taking quick stock of your tax-advantaged accounts can mean substantial savings down the road.

Remember how smart it felt to sign up for that flexible spending account (FSA) or health savings account (HSA)? Well, with a quick assessment of your balance, spending, and future needs, you can bring that good feeling back (and maybe appreciate that smart decision even more).

The basics

If it's been a while since you've checked in, you'll find your account at learn.hellofurther.com/BOP. Simply click Sign In at the top right, click Member, then log on with your username and password. Or, if it's your first time logging on, click New User? Register and follow the instructions.

Don't have much time? Use Balance Amounts and Total Balance to think about how you'll set aside money in your account for 2022. While annual enrollment isn't until October, seeing how these numbers look now is a simple way to start thinking about how increasing, decreasing, or maintaining what you set aside next year might best support your expenses going forward.

Stay balanced

From your dashboard (the main page of your account), look for your account balance at the top of the screen, then click View Account to get an overview of where you stand. Moving down the page, take a look at your Balance Amounts and Total Balance on the left side of the screen. Seeing the amount you elected to set aside last year, your expenses, your available balance, and unprocessed claims gives you the quickest picture of how your expectations last year met reality so far this year.

Track your activity

Moving down the screen below Recent Activity, click See All Activity. Here's where you can filter, search, and export the specifics of all your transactions. Reviewing these details can take time, but it serves three important purposes:

  1. Know where your money is going. Whether it's deposits, reimbursements, or other activity, seeing how your money moves is not only good for general financial awareness — it could also help you identify claims you may need to submit or see patterns in your expenses that help you predict future needs.

  2. Look for the unexpected. Were there any expenses you hadn't planned on when you last set aside money? Knowing this can help you think about adjustments in contributions for next year and evaluate how you use your money for the rest of this year.

  3. See if you have any opportunities. 2020 and 2021 brought several updates to how HSAs and FSAs could be funded and used — you may want to take advantage of them as you think about your current level of activity.

Thinking ahead

Once you've taken the steps above to stay balanced and track your activity, you have a solid start on planning for what you'll need to consider for FSA and HSA elections for 2022. The next step is to set aside time before annual enrollment to do another quick check-in on your balances and activity before you make decisions about next year. Plus, it's a good time to see if your predictions for the summer and early fall matched up with reality. So check your calendar for late September or early October and make a date to review your account again.

Summer beach reads

Really enjoy discovering some of the hottest FSA or HSA topics? Here's some of the tax-advantaged account sizzlers we're looking forward to taking in:

Tips for Managing your HSA Spending

Family Changes

Tips for Submitting Claims

Questions? Call the Further customer service team at 651-662-5065 or 800-859-2144 from 7 a.m. to 8 p.m. CT, Monday through Friday. Information is also available at learn.hellofurther.com/BOP.