It’s hard to believe that we’re closing in on 2022. But before you start making your New Year’s Eve plans, you might want to do something about the balance in your flexible spending account (FSA). Because for most account holders, if you don’t put that cash to use by the new year, you could lose it — and money lost is nothing to celebrate.
It’s important to note while most FSAs follow the typical calendar year, you should check with your employer to confirm your expiration deadline. If it turns out that you don’t have to spend your money by the end of the year, make it a New Year’s resolution to spend it by your deadline!
For those unfamiliar, an FSA is an employer-sponsored spending account. You deposit pre-tax dollars into the account and have it to spend on out-of-pocket healthcare costs like prescriptions, over-the-counter medications, and skincare products. It’s similar to a Health Savings Account (HSA), but with a few big differences — primarily, your HSA funds roll over from year to year, so there’s no deadline to spend it all. With an FSA, however, most or all of your funds expire when the deadline hits.
If you have unused cash in your FSA, but you’re not sure if you’ve already missed out on the deadline, make sure to ask your employer about these grace periods:
According to WageWorks, a leading administrator of FSA accounts, roughly 8% of FSA owners leave an average of $172 in their accounts at the end of a year. Don’t be a part of the 8%. Take a look at these creative ways you can spend all of your FSA money before the deadline.
Cold and flu season is rearing its ugly head, so it might be in your best interest to spend your remaining FSA dollars on preventative measures like a flu shot. Or — if you already caught a bug — you can cover co-pays for doctor visits, prescription medications, and over-the-counter (OTC) medications that relieve cold and flu symptoms. You could also stock up on items to keep in your bag like tissues, cough drops, and hand sanitizer.
The FSA store has various medicine and cold treatments that make it easy to purchase using your funds.
Thinking about starting a family? Family planning products like pregnancy tests, ovulation monitors, prenatal vitamins, fertility treatments, breastfeeding products, birthing classes, and even certified doulas can all qualify for FSA savings.
Or if you’re more interested in prevention, condoms and birth control are also FSA-eligible.
Check out the Baby & Mom section of the FSA store to purchase what you need.
A rigorous skincare routine is crucial for battling blemishes and signs of aging. Luckily, skin care products like acne treatment and sunscreen can qualify for FSA spending! Products that include active ingredients like salicylic acid and benzoyl peroxide typically qualify and are found in plenty of over-the-counter creams, cleansers, serums, and more. The FSA store also has a section dedicated to acne and skin care products.
If you’re having trouble spending your flexible spending account, just open your Amazon shopping app! Amazon has an FSA store where you can browse products that are FSA-eligible. Other sites like FSA Store (mentioned above) and HealthProductsForYou are also worth checking out. These sites even provide helpful filters so you can shop by health condition, brand, price, and more!
Are you interested in learning more about your ancestry and how your DNA might affect your health? Believe it or not, ancestry kits that include health reports, like 23andMe, are typically considered an FSA-eligible purchase. You can use their FSA eligibility calculator to see if your purchase is eligible for medical care.
Additionally, if you have had recent tummy troubles, you can also use your FSA towards food sensitivity tests like EverlyWell. This company makes it easy to submit an itemized receipt for FSA reimbursement.
It’s recommended that adults get between seven and nine hours of sleep each night to have lasting positive impacts on physical and mental health. Get a better night’s sleep by spending your FSA dollars on sleep aids, melatonin gummies, sleep masks, and even heated blankets! Room vaporizers and humidifiers are also FSA-eligible.
When traveling for medical care to a hospital or doctor's office, travel costs like rideshares, parking fees, tolls, gas, and oil may be considered FSA-eligible.
It’s important to note that, unlike some product purchases, you can’t use your FSA debit card to pay for transportation expenses. Instead, you must submit a claim reimbursement to your FSA administrator.
Have your eye on a new pair of shades? Prescription sunglasses, glasses, and contact lenses are FSA-eligible. Eye exams are also covered, so make sure to schedule an appointment!
Get your spending spree started by heading over to 2020onsite.com. Browse our selection of prescription frames and sunglasses, or stock up on contact lenses.
You could even spend your money on a comprehensive eye exam onboard our mobile vision clinic. Click here to browse our schedule of locations and book your appointment. Don’t see your neighborhood on the list? Fill out this survey to tell us where to go next!