Use It, Don't Lose It!
Use Your Unused FSA Funds Before They Expire at the End of the Year!
A flexible spending account (FSA) is unique, as you can use FSA funds on personal medical expenses and any medical dependent’s expenses. Most of the funds you set aside in your FSA may need to be spent before the end of the plan year because you may lose what you don't spend. Unfortunately, unlike a health savings account (HSA), you don't get to keep your FSA money as long as you want.
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Here are some ways you can use your accrued FSA balance:
- Annual checkups and vaccines: Use your FSA money to make a last-minute appointment with your dentist or eye doctor for an annual cleaning or eye exam. Or you could schedule flu shots for your whole family.
- Copays and coinsurance: Have a balance on your doctors’ visits? Use your FSA to cover the expenses.
- Family planning: Pay for pre/post-natal products (like pregnancy tests, prenatal vitamins and breastfeeding supplies) or birth control (including medication with a current prescription and condoms).
- First-aid and other medical supplies: Stock up on first-aid supplies like bandages and wraps. Also consider medical supplies like heating pads and ice packs, blood pressure monitor, thermometer, etc.
- Over-the-counter medications: You can use your FSA funds for over-the-counter drugs as long as they are for medical use (not cosmetic).
- Acne treatments: Get clear skin and use pre-tax funds to pay for it. Acne treatments, toners and other skin care products are FSA eligible with a prescription.
- Health and fitness support: If you love to stay active, you can use your FSA dollars on products that can help relieve your post-workout aches and pains, like a back-support brace, pain-relief pads and even massaging-gel shoe inserts.
- Other items: Check your employer's guide or the IRS website for other qualified items that can be purchased with your remaining pre-tax dollars.
Questions?
Contact your benefits manager with questions
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