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Think outside the Band-Aid box and buy these unexpected FSA-eligible health & beauty items before 2024!
If you have a Flexible Spending Account (FSA) through your employer, you may find that you still have pre-tax money left to spend as we approach the end of the calendar year.
Better yet – did you know that you can use these dollars at Sephora?! And you can use them to buy menstrual cups, sunscreen, and much more!
Whether you overcontributed to your account, or you were just blessed with good health this year and needed fewer trips to the doctor than expected, you don’t want to let your hard-earned money go to waste.
So before the new year begins, check your FSA to see if you have any remaining pre-tax dollars to spend!
Things to keep in mind as you shop for FSA-eligible products
Employers generally offer FSAs and Health Savings Accounts (HSAs) as part of benefits packages. While both accounts allow you to set aside pre-tax money to pay for health care costs, there are a couple of important differences to keep in mind.
First of all, an HSA belongs to you, even if you leave your job. An FSA belongs to your employer, so you’ll forfeit any remaining money if you leave your job.
Another key difference between the two accounts is that you can keep your unused HSA funds from year to year. With an FSA, you’ll lose any unspent funds at year-end. Some employers may allow you to carry forward a small amount of your unused FSA balance or offer a grace period (normally through March 15th), so check with your employer to be sure you understand their policy.
It’s that annual deadline associated with FSAs that creates a sense of urgency to spend all the money in your account before welcoming the new year!
Looking for ways to spend your remaining pre-tax dollars on FSA-eligible items?
If you’ve been in good health this year and you’re all stocked up on the obvious health-related expenditures like eyeglasses, toothpaste, and bandages, then you may be wondering how to spend your remaining FSA money before you lose it at the end of the year.
Remember that you can only spend your FSA dollars on eligible items, or you will be responsible for reimbursing your account. Your benefits card may even be deactivated until your account is reimbursed, so this is certainly an important point to keep in mind.
Similar rules apply to the use of HSA money, and you may even have to pay a penalty if you’re found to have misused your HSA funds!
Luckily, it’s not hard to find somewhere to spend your remaining FSA dollars. You may even be surprised at everything you can buy with the pre-tax money you have saved!
Hip tip: Check out the U.S. Office of Personnel Management’s FSAFEDS database, which tells whether a product is FSA-eligible, ineligible, or eligible by prescription only.
Some popular retailers make it easy to spend your pre-tax money with FSA/HSA-eligible storefronts, categories, and search filters. Here are just a few:
Below, we’re sharing some products that you may not realize are FSA/HSA eligible. You may even be able to spend your FSA funds on items that rarely go on sale, thereby saving yourself some money!
Spend your tax-free dollars on these FSA-eligible products before 2024:
Purell and select hand sanitizers
From $1.97
Stretch your end-of-year budget with these HOT clearance deals!
