When you think of a flexible spending account, or FSA, you think of deductibles, uncovered prescription drugs and nonreimbursed medical expenses. And this being the end of the year, you probably are realizing that you may have extra funds parked in your flexible spending account. But wait! There are other expenses eligible for flexible spending that you may not have considered.
Taking a warm weather vacation soon and need sunscreen? These products are eligible for flexible spending reimbursement. With dollars parked in an FSA, you can stock up on these sun care products now.
Are you a runner or a cyclist? Even if you have a daily exercise routine, you may find that you suffer from muscle and joint pain.
Managing this pain can qualify as a flexible spending expense. Knee and ankle braces, hot and cold packs and heating pads can help you reduce pain and manage your FSA dollars.
We often associate allergies with springtime, but many individuals experience allergies year-round. Over the counter allergy remedies and prescription nasal solutions are FSA eligible. Keep this in mind if you or
any member of your family needs allergy remedies regularly.
Time for new glasses? Historically, participants with balances remaining in flexible spending accounts have treated themselves to new glasses. Late December is a great time to purchase new or prescription sunglasses for your next vacation.
If you’re finished with your shopping, check to see if your plan has a grace period. If so, you may have the first two and a half months of next year to use your FSA from this year. Also, your plan may have the option to rollover some of your funds from your FSA to next year. But your plan won’t have both, and maybe neither of them, so check the features carefully.
For additional information, contact EAB HealthWorks.