Four Methods to Utilize Your FSA Balance Prior to Year's End
If you've got a Flexible Spending Account (FSA), you're likely aware of the routine: Spend that money before the year ends, or forget about it. Medical appointments might not fill the remainder of your year, so those dollars don't need to vanish into thin air. There's a workaround for utilizing your remaining FSA funds on eligible healthcare costs. As December approaches, take a moment to review your FSA balance and devise a plan to use up any leftover cash.
Load up on OTC products
A wide range of over-the-counter treatments and health products qualify for FSA coverage, such as pain relievers, cold medicine, bandages, oral care items, menstrual supplies, and so forth. Check your medicine cabinet, make a list of necessities, and grab some items like Epsom salts for $24.99, Supergoop! sunscreen for $38.00, or maybe even one of those trendy massage guns for $299.99.
Get new specs or contacts
If your eyesight isn't quite perfect, use FSA funds to purchase new eyeglasses or contact lenses. Don't forget to stock up on eye drops and lens solution, as well.
Invest in orthopedic gear
Orthopedic supplies like knee braces, wrist splints, and compression socks can assist in managing chronic pain issues. Use your FSA money to help reduce these expenses.
Prepay for scheduled procedures
If you have medical procedures lined up for early next year, many healthcare providers offer the option to pre-pay estimated costs using your FSA funds this year. This covers various treatments like dental work, physical therapy, chiropractic visits, and Lasik eye surgery.
The crux of the matter
It's essential to use your FSA funds without letting them slip away. In the end, it's your income you're spending. Double-check your employer's guidelines for any balance left on December 31st, so you don't lose out on your hard-earned funds. You can find a comprehensive list here at the FSA store.
Considering the expenses for orthopedic gear, you might want to use your FSA money to purchase items like knee braces or compression socks, which can help manage chronic pain issues. This way, you're able to reduce these expenses using your FSA funds.
If you're running low on OTC products or need to refill some essential items, don't forget that FSA funds can cover a wide range of items, such as pain relievers, cold medicine, and even trendy massage guns. This can be an excellent way to use up any remaining FSA money before the year ends.
