If you have a flexible spending account (FSA), you know the drill: Use the funds before the end of the year, or lose them. Unfortunately, chances are slim you can pack the rest of the year with doctor's appointments. Does that mean your hard-earned funds go to waste? Definitely not. You can spend your remaining FSA funds on other qualifying healthcare costs. As the end of the year approaches, take stock of your FSA balances and make a plan to spend any leftover money.
Stock up on over-the-counter items
Many over-the-counter medications and health items are FSA-eligible, including pain relievers, cold medicine, bandages, dental care products, menstrual products, and more. Scan your medicine cabinet and make a list of anything you need to stock upon. Snag yourself epsom salt for $24.99, Supergoop! sunscreen for $38.00, or perhaps one of those snazzy massage guns for $299.99.
Get new glasses or contacts
If your vision isn’t quite 20/20, use FSA dollars to order a new prescription for eyeglasses or contacts. Don't forget to stock up on eye drops and lens solution, too.
Purchase orthopedic supplies
Knee braces, wrist splints, compression socks and other orthopedic items can help relieve chronic pain issues. Use FSA money to offset the costs of these.
Pre-pay for planned procedures
If you have medical procedures scheduled for early next year, many healthcare providers will allow you to pre-pay the estimated costs this calendar year using FSA funds. This includes dental work, physical therapy, chiropractic visits, Lasik eye surgery, and more.
The bottom line
However you choose to spend your FSA funds, don’t let that money go to waste. After all, it came out of your paycheck. Check in with your employer’s rules for any balance remaining on Dec. 31 this year, so you aren’t left forfeiting your hard-earned funds. You can find a complete list at the FSA store here.
