Where to Spend Your FSA Funds Before the End of the Year
If you have a flexible spending account (FSA), you know what to do: Use the funds before the end of the year or lose them. You’re unlikely to spend the rest of the year making doctor’s appointments—either because everything is scheduled months in advance or because it just sounds terrible—but have no fear. You can use your remaining FSA funds for other qualified health care expenses. As the end of the year approaches, take stock of your FSA balances and make a plan for how to spend the remaining money.
Stock up on over-the-counter medications
Many over-the-counter drugs and medical supplies are FSA-eligible, including pain relievers, cold medications, bandages, dental care products, menstrual products and more. Scan your first aid kit and make a list of everything you need to have.
Products to consider:
-
Kanjo Epsom Salt: $24.99.
-
Chirp Wheel + 3-Pack: $99.99.
-
Revive Mini Massage Gun : $159.99.
-
Ray-Ban Sunglasses: $199.00.
Buy new glasses or contacts
If your vision isn’t quite 20/20, use your FSA dollars to order a new prescription for glasses or contact lenses. Also stock up on eye drops and lens solution!
Purchase of orthopedic products.
Knee braces, wrist splints, compression socks and other orthotics can help relieve chronic pain. Use your FSA money to help offset these costs.
Prepayment for planned procedures
If you have a medical procedure coming up early next year, many health care providers will allow you to pay your expected expenses in advance with your FSA funds for that calendar year. This includes dental work, physical therapy, visits to a chiropractor, Lasik eye surgery and more.
Bottom line
However you decide to spend your FSA funds, don’t let that money go to waste. After all, it came out of your salary. Check your employer’s policies to see what balance will remain on December 31 this year, so you don’t lose out on your hard-earned funds. You can find the full list in the FSA Store here .
Editor’s note: This article was originally published on Friday, December 15th and updated on Monday, December 18th to apply to FSA funds only. HSA funds roll over into the new year, which was not clear in the original article.