Don’t Leave Money on the Table: Smart Strategies for End-of-Year FSA Spending

When the clock’s ticking down to the end of the year, there's one financial task you can't afford to forget: using up your Flexible Spending Account (FSA) funds. If you’ve been setting money aside all year, don’t let it go to waste! Let’s dive into some savvy strategies to help you maximize every penny before the deadline.

Understanding FSA Deadlines

What Is an FSA?

Flexible Spending Accounts allow you to set aside pre-tax dollars for eligible medical expenses. Sounds great, right? But here’s the kicker: most FSAs operate on a “use-it-or-lose-it” policy.

Year-End Deadlines

The majority of FSAs require you to spend your funds by December 31st. Some plans offer a grace period (usually until March 15th of the following year), while others allow a carryover of up to $610. Always check with your employer to understand your specific rules.

Assessment of Needs

Take Stock of Your Family’s Needs

Before you start spending, consider what you and your family might need in the coming months. Ask yourself:

• Do you need prescription contact lenses?
• Are there any outstanding copays or deductibles?
• Could your first aid kit use a restock?
• Do you need a new wheelchair or cane?

Plan Ahead

Keep a list of upcoming medical appointments or health-related purchases. Having a clear idea of your needs prevents wasteful spending.

Preventive Care

Routine Health Checkups

Why not use your FSA funds to take care of routine checkups you’ve been putting off? Consider:

• Dental cleanings: Prevent cavities and gum issues.
• Eye exams: Ensure your vision stays sharp.
• Chiropractic services: Ease any lingering back pain.

Screenings and Tests

Many preventive health screenings, like blood pressure monitoring or cholesterol tests, are FSA-eligible. These services keep your health on track and your wallet happy.

FSA Store Benefits

Why Shop FSA-Approved Shop Home Med?

Ever worry if a purchase qualifies for your FSA? Shop Home Med takes the guesswork out. Shop Home Med makes it easy to know if your product is FSA-approved with FSA-eligible badges, making it a breeze to use your funds.

Top Picks from FSA Stores

Here are some popular items to consider:

• Thermometers
• Blood pressure monitors
• Prescription contacts 
• Mobility supports

Last-Minute Eligible Expenses

Think Beyond the Basics

Don’t forget the lesser-known items that are FSA-eligible! Here’s a quick list:

1. Sunscreen: Protect your skin year-round.
2. Acne treatments: Skincare counts too.
3. Cold and flu remedies: Be prepared for the season.
4. Heating pads: Perfect for soothing aches.
5. Breastfeeding supplies: A must-have for new moms.

Stock Up on Essentials

If you’re in a rush, focus on practical items like:

• Band-aids
• Pain relievers
• Allergy medications

Maximize FSA Savings

Bundle Purchases

Need multiple items? Buying them together can save time and ensure you use up your funds.

Gift Health Essentials

Share the love! Stock up on items your family can use, like thermometers or reusable hot/cold packs.

Invest in High-Ticket Items

If your FSA balance allows, consider purchasing pricier items like:

• Medical alert systems
• High-quality blood glucose monitors
• Wheelchairs
• Scooters
• Hospital beds 

Conclusion

Don’t let your hard-earned FSA funds go to waste. By understanding your plan’s rules, assessing your needs, and strategically spending, you can make the most of every dollar. Ready to take action? Start planning today and give your health and wallet the care they deserve.

FAQs

• Can I use FSA funds after the year ends? It depends on your plan. Some allow a grace period or carryover, so check with your employer.

• Are all over-the-counter items eligible for FSA? Not all, but many are. Items like pain relievers, first aid kits, and cold medications often qualify.

• Can I use my FSA card at any store? No, only at retailers that accept FSA cards or specialize in eligible items like Shop Home Med.

• What happens to unused FSA funds? Most unused funds are forfeited unless your plan offers a carryover or grace period.

• How do I check my FSA balance? Log into your FSA account or contact your plan administrator for details.