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Use It or Lose It: 9 Ways to Help Employees Spend their FSA Money Before It's Gone

November 7, 2019 | By 2020 On-site

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If your employees have a healthcare plan through work that includes a Flexible Spending Account (FSA), chances are high they have some funds left to spend. The FSA Store estimates that more than $400 million is forfeited every year in FSA funds because employees either miss or forget their spending deadlines. Do your employees a favor by educating them on FSA and sharing our top 9 ways to spend this money before it’s gone! 

1) Get your eyes examined 

Taking time off work for a doctor’s appointment always seems to fall to the bottom of the list for employees. Make sure they are aware of just how important their eye health is. Did you know that a comprehensive eye exam can detect a variety of diseases, including diabetes, high blood pressure, and computer vision syndrome? Poor eye health can lead to poor productivity in the workplace. 

If your company is based in Boston, Chicago, or Atlanta, then your employees are in luck! 2020 On-site delivers high-quality eye exams and eyewear right at work, at no fee to your business. Click here to be seen by 2020 On-site at your company.

2) Give alternative medicine a try 

Alternative medicine has played a significant role in health and wellness for centuries now, and its popularity is only growing. According to the National Center for Complementary and Integrative Health, over 30 percent of Americans use some form of non-conventional medicine to treat medical problems. As employees race to the finish line of this year, they’re likely to face more stress than usual. In fact, 67% of employees experience burnout on the job. Encourage them to look into acupuncture, massage therapy, or a chiropractor to help relieve tension. Important to note, though, that alternative treatments aimed at improving general health, and not specifically treating a medical condition, are not eligible. Employees should consult a doctor first if they believe they have a medical need for alternative medicine. 

3) Fill up your medicine cabinet 

Most of your standard over-the-counter (OTC) staples, including pain relievers, heartburn meds, antacids, and other everyday health items like bandages and heating pads, are FSA-approved. Stock up now for the new year! Some require a prescription, so you’ll want to meet with your doctor before purchasing these.  You can chat with the FSA store to determine which OTC products require a prescription. 

4) Face your fears and visit the dentist 

How long has it been since you last visited the dentist? The rule of thumb is every six months. If it’s been longer than that, now’s the time to book your appointment! FSA will typically cover your copay and the cost of standard procedures, including cleanings, fillings, root canals and crowns. 

5) Protect your skin 

Looking to improve your complexion? FSA covers acne treatment, toners, and lip balm. And if you’re looking to really plan ahead, stock up for next summer (or your next vacation) with sunscreen. Check with the FSA store to determine which of these products will require a prescription. 

6) Sleep soundly at night 

Many who struggle to sleep at night turn to OTC meds, like antihistamines or Melatonin, for help.These products are FSA approved with a prescription. 

7) Plan for your next trip 

Do you have an upcoming trip planned with your family? Or do you travel often for work? Stock up on travel essentials using your FSA dollars. Take a look at this article to find products that are eligible. 

8) Put your children in safe hands 

With a Dependent Care FSA, you can use your pre-tax dollars to pay for qualified out-of-pocket dependent care expenses for children under 13 years of age, including:

  • Before and after school care
  • Babysitting and nanny expenses
  • Daycare, nursery school, and preschool
  • Summer day camp

9) Go digital with monitoring your health

The FSA store sells several high-tech healthcare products, including blood pressure monitors, baby monitors, wearable chronic pain relief technology, inhalers, and thermometers. Find the products you need here

The morale of the story is that no one wants to leave hard-earned money on the table! Educate your employees on their FSA spend (and when the deadline is), and make sure they’re aware of all the ways they can use it by sharing this blog post with FSA eligible expenses.

Download this Handy FSA Checklist for Your Employees!

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