When each year ends, many people look at the year’s medical expenses to plan for how much they should set back for next year. In investigating these expenditures, you may notice that you still have money in your Flexible Spending Account (FSA) for the remaining year.
FSAs are unique in that any unused money from this plan year is forfeited once the new year begins. As a result, you do not want to leave money in your FSA once the new year rolls around. Want to know how to use FSA money before it’s gone for good? We compiled a list of some ways to use up your hard-earned FSA money that you may not have thought possible!
HOW TO USE FSA MONEY: QUALIFYING PURCHASES
When wanting to use the remaining FSA money in your account for the year, it’s important to make sure the purchase you make lie within qualifying categories.
Below are FSA approved spending categories:
- Acne treatment
- Breast pump and supplies
- Chiropractic treatments
- Dental treatments: orthodontia, medically necessary water fluoride treatments, caps, fillings, x-rays
- Eyes: glasses, surgery, contact lenses
- First aid kit
- Genetic testing: including BRCA gene testing
- Motion sickness medicine
- Nutritionist consultations
- Smoking cessation program
- Weight loss programs/surgery
There are even some high-tech gadgets that may fall into the medically qualified expenses category:
- Acne light therapy
- Electronic stimulation instruments for pain
- Medically necessary mattresses
- Smart thermometers
This list is not an exhaustive list of ways to spend your FSA money, nor does it guarantee your insurance program considers these to be qualified expenses. Check with your HR department and insurance agent if you have questions about qualified expenses.
READY TO USE YOUR FSA MONEY AND FIND OTHER AREAS OF SAVINGS? KBI Benefits Can Help!
Don’t leave your FSA money on the table this year! You have earned this money so make sure you use it to its full potential.
At KBI Benefits, we are on a mission to help you save money while providing top-notch benefits. If you’re considering enrolling in an FSA or other type of benefits plan, we can help you sort out which option would work best for you.
Contact us today using our online contact form or calling us at 408-366-8880 to learn more about how we can guide you to FSA purchases and find better benefits. We look forward to assisting you!