With 4 months left in 2022, it might be time to consider using up your remaining FSA dollars on healthcare expenses before they vanish in the new year.
From everyday health essentials to items you may not even think about, we cover a list of 25 things you can purchase with your FSA.
What is an FSA?
Available through many employers, a flexible spending account (FSA) is pretax dollars set aside from each paycheck for certain out-of-pocket health-related expenses for you, your spouse, and your dependents.
During your company's annual enrollment or a qualifying life event, you elect how much you want to contribute ($100 to $2,850 for 2022). The catch is you must spend it all or risk losing it at the end of the year unless your employer allows it to roll over.
HSA vs. FSA vs. HRA
Like an FSA, a Health Savings Account (HSA) is also pretax dollars set aside in an account to be used on deductibles, copays, coinsurance, and other healthcare expenses. However, you can only contribute to an HSA if enrolled in a High Deductible Health Plan (HDHP).
HSA funds roll over year-to-year, may gain interest over time, and can be taken with you if you leave your employer, change health plans, or retire.
Also tax-free, a Health Reimbursement Arrangement (HRA) is an employer-funded health spending account that reimburses eligible healthcare costs.
What can I buy with my FSA?
Have extra funds to use? Want to start a list for 2023? Here are 50 items you can spend those FSA dollars on:
Mobility aids such as canes, scooters, wheelchairs, and crutches
Alternative medical treatments
Other items and expenses you may not know about
Acne products and treatments -Over-the-counter (OTC) acne creams, cleansers, and serums that contain certain ingredients like salicylic acid, benzoyl peroxide, or azelaic acid
Air quality products - If your doctor can provide documentation on how these products can help your medical condition, air conditioners, air purifiers, and air filters might be eligible.
Baby and children products - Baby monitors, baby sunscreen, potty-training undies, and thermometers
Dental procedures and products - Out-of-pocket expenses for procedures like basic cleanings, fillings, root canals, and crowns. Some dental products, such as those used to care for dentures and mouth sore or teething treatments, are also eligible.
Eye care and vision expenses - Eye exam, contacts, contact accessories (i.e., cases and cleaning solution), eyeglasses, reading glasses, and prescription sunglasses.
Feminine hygiene/menstruation products - Pads, tampons, liners, menstrual cups, and disposable and non-disposable period underwear
Family planning and pregnancy products- Ovulation and pregnancy tests, fertility treatments, prenatal vitamins, condoms, the morning-after pill, birth control pills (with current prescription), breastfeeding supplies, birth classes, and doulas.
Sunscreen- all broad-spectrum sunscreen with SPF 15 protection or higher is eligible.
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