12 Ways to Spend FSA Dollars Before the Dec. 31 Deadline

If you’ve got a flexible spending account (FSA) that you’ve got hardly tapped into this 12 months, it’s possible you’ll only have until the top of the month to spend those use-it-or-lose-it dollars.

The excellent news: It’s relatively easy to search out FSA-eligible items. You’ll be able to replenish on essentials or purchase stuff you were planning to purchase anyway — and infrequently get reimbursed.

FSAs are employer-sponsored plans that let you contribute pre-tax dollars to an account that may be used to pay for medical expenses. Employees often put money into FSAs with the intention to make use of it for deductibles and copays for medical care, dental care and prescriptions. However the list of things you possibly can buy is definitely quite long, and it includes some potentially unexpected items.

The doctor’s office and the pharmacy aren’t the one places to make use of your money, either. Major retailers like Goal, Amazon and even Sephora sell FSA-eligible goods and have specific sections of their web sites that show what you should buy. (Take note that although some stores accept FSA debit cards, others don’t, meaning you will have to avoid wasting receipts and submit reimbursements. Apps like Silver will help with this.)

The standard deadline to make use of FSA funds is Dec. 31. This is applicable to just about 70% FSA users, in accordance with Rachel Rouleau, chief compliance officer on the FSA Store, which sells 2,500 eligible services and products. Rouleau said in an email that “utilization of [FSA] funds increases in the ultimate weeks of the 12 months” because the deadline approaches.

When you neglect an FSA, you possibly can potentially lose your account balance. At stake is as much as $3,200 (the utmost yearly contribution) or more in case your employer contributes, as well. Annually, roughly $3 billion of unused FSA dollars go to waste.

Don’t make this error. Listed here are 12 ways you possibly can spend your balance before it expires.

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Sunscreen

If a sunscreen is SPF 15 or higher and provides “broad-spectrum” protection, you possibly can generally use your FSA dollars to pay for it.

Skincare

Some skincare items like face lotion are eligible based on their SPF protection. Many other over-the-counter products that treat common conditions like pimples, eczema and psoriasis also meet the standards.

Cold medicine

It never hurts to have some extra cold medicine in your cabinet, especially this time of 12 months. Lots of of over-the-counter drugs are eligible.

Bandages and ointments

Replenish your first-aid kit: Together with your FSA, you possibly can avoid wasting money on products like Band-Aids and Neosporin.

Menstrual care products

Consequently of the CARES Act, you should use FSA dollars to purchase a variety of menstrual care products including tampons, pads and period underwear.

Prescription sunglasses

Need a recent pair of shades? You should use your FSA balance for prescription eyewear, including sunglasses.

Massage guns

Home massagers like Theraguns and Hyperice products are typically FSA-eligible. These products are designed to assist with sports recovery and supply relief from muscle soreness.

Workout classes

To make use of FSA dollars for gym memberships or workout classes, you’ll have a letter of medical necessity. Corporations like Dr. B offer online consultations, claiming to make it easy to satisfy that requirement. Letters of medical necessity are issued by doctors or practitioners to substantiate there is a health-related purpose for goods or services.

Exercise bikes

Peloton has partnered with an organization Truemed that advertises the power to get a letter of medical necessity in about two minutes, allowing customers to purchase the brand’s indoor cycling equipment with their FSA dollars.

Wearable health tech

While smart watches from corporations including Apple and Garmin usually are not eligible, another wearable tech items — like Oura rings — do meet the necessities. Based on the FSA Store, it’s possible you’ll find a way to make use of FSA dollars to purchase devices like Fitbits for those who get a letter of medical necessity.

Shoe inserts

Orthotics and insoles are sometimes FSA-eligible. With a letter of medical necessity, it’s possible you’ll also find a way to purchase orthopedic shoes.

Weight reduction help

Pharmaceuticals for weight reduction in addition to telehealth services are potentially eligible in addition to costs related to weight-loss programs, if beneficial by a health care provider under certain conditions, in accordance with the FSA Store.

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