FSA Money Left Over?
Did you have fewer medical expenses this year than you anticipated? Here are some ideas to help you use the extra money in your Health FSA:
- Buy new prescription glasses and contact lenses for yourself and your eligible dependents. You can even get prescription sunglasses! Contact lens care supplies are also reimbursable.
- Get some diagnostic equipment. Blood pressure monitors, thermometers, pulse oximeters, and other medical diagnostic devices are reimbursable.
- Make sure to have dental cleanings and eye exams done for yourself and eligible dependents before the end of your plan year.
- Many over-the-counter medical care items are eligible, including bandages, athletic braces, vaporizers, heating pads and cold packs.
- Thanks to the CARES Act, passed in March 2020, OTC drugs and medicines (such as pain relievers, cold and allergy medications, upset stomach remedies, etc.) are once again eligible without a prescription. See more info on our post on this topic.
- Purchase medical first aid kits for your home and car.
- Get started on your New Year’s resolution: Smoking cessation medications and programs are FSA-eligible.
- Check online with your insurance company for a listing of all copays, coinsurance and deductible amounts from the plan year which are your responsibility, and use your account detail information by logging on to see if there are any amounts you haven’t already submitted for reimbursement.
- For more ideas, view a list of common medical expenses that are eligible for reimbursement through an FSA.
- Visit our partners at FSAStore.com to shop for eligible expenses.
- The IRS does not allow stockpiling to use up your FSA funds, so don’t buy too many of any item.
- Some potentially eligible items and services, such as vitamins and supplements or weight loss programs, are only reimbursable with a doctor’s note recommending the item or service to treat a specific medical condition, so make sure you have that in hand before you purchase.
- Expenses must be incurred while you are an eligible participant during the plan year.