5 Things You Surprisingly Can Spend Your FSA Dollars On
November 20, 2018
The holiday shopping season is upon us! And there’s no better feeling than when you come up with that surprise gift for someone that you know is going to knock their socks off.
Coincidentally, this is also the time of year you might need to do some Flexible Spending Account (FSA) shopping. Flexible Spending Account rules mean that any unused funds you have at the end of your plan year are forfeited to the plan. While there are some common everyday purchases you can spend your funds on, other FSA-eligible purchases might surprise you. We’ve compiled five of those expenses to help you spend your funds.
Are you one of the more than 50 million Americans who suffer from allergies each year? Allergens can be inhaled, ingested or affect you through physical contact. And they cause a variety of symptoms. All of this makes it difficult to pinpoint the specific cause when you’re experiencing common allergy symptoms such as runny nose, wheezing, coughing, rashes and fatigue.
You can make an appointment with your doctor when you’re dealing with allergies. And your doctor might suggest you undergo allergy testing to determine the cause of your symptoms
If you’re expecting a little one, you have the potential for big savings with your FSA. For example, breastfeeding classes are an eligible expense. It’s recommended that you sign up for breastfeeding classes at least four to six weeks before the baby is due (although you can take the classes earlier than that). Childbirth classes are also eligible, as long as expenses incurred are for classes specifically related to birth and not childrearing or childcare.
Nearly 100 million American adults have cholesterol levels higher than healthy levels. And, because high cholesterol has no symptoms, it’s important to get tested regularly. However, about 30 percent of U.S. adults haven’t had their cholesterol checked in the last five years.
You can save money when you use the pre-tax dollars in your FSA on cholesterol testing. The American Heart Association recommends that adults 20 years of age or older have their cholesterol checked every four to six years.
Flu vaccination reduces your risk for getting the flu by 40 to 60 percent. During the 2016-2017 flu season, an estimated 5.3 million cases of influenza (and 85,000 flu-related hospitalizations) were prevented thanks to flu shots. It’s not too late to get vaccinated!
About 55 percent of Americans regularly take prescription medication, and those who do take an average of four prescription drugs per day. For many, it’s a lot to keep track of. That’s why you should consider using your FSA funds on purchases that help you manage your medications, including:
- Pill boxes
- Pill clocks
- Pill cutters
- Pill organizers
- Pill sorters
Check out the FSA Store where you can search among thousands of eligible items.