Where to spend your FSA/HSA funds before the end of the year

Rewritten Article:

Using Your FSA/HSA Funds Wisely Before Year's End

If you're among the lucky few who have a Flexible Spending Account (FSA) or a Health Savings Account (HSA), you're likely wondering what to do with the remaining balance before the end of the year. With the general consensus that visiting a doctor isn't high on anyone's to-do list, there's no need to worry. There are plenty of other medical expenses that qualify for FSA/HSA funds. Before the year ends, take stock of your remaining balance and plan how to spend the remaining funds.

Stock Up on Over-the-Counter Meds

There are several over-the-counter (OTC) medications and supplements that are FSA/HSA eligible. Some examples include pain relievers, cold remedies, bandages, dental care products, and menstrual hygiene items. Take a good look at your medicine cabinet and make a list of all the OTC items you'll need in the coming months.

Highlighted Products:

• Kanjo Bittersalt: $24.99
• Unseen Sun Natural Sunscreen, SPF 40: $40.00
• Jagdrad 3-Pack: $99.99
• Revival Mini-Massagegun: $159.99
• Ray-Ban Sunglasses: $199.00

Consider Buying New Eyewear or Contacts

If your vision isn't perfect 20/20, you can use FSA/HSA funds to purchase a new pair of glasses or contact lenses. Don't forget to stock up on eye drops and lens solution while you're at it.

Buy Orthopedic Gear

Knee braces, wrist supports, compression socks, and other orthopedic devices can help alleviate chronic pain. Use your FSA/HSA funds to offset these expenses.

Prepay Medical Expenses

Many healthcare providers allow you to pay for estimated medical expenses, such as dental work, physical therapy, chiropractic care, and laser eye surgery, using FSA/HSA funds in advance. This can be particularly useful if you know you'll be scheduling a medical procedure early in the new year.

Final Thoughts

Regardless of how you choose to spend your remaining FSA/HSA funds, don't let them go to waste. After all, it's your hard-earned money. Be sure to check with your employer's guidelines to find out the maximum amount you can spend within the remaining days of the year. Use this as a reference.

Further Reading:

According to Aussiedlerbote, using FSA funds to purchase OTC medical supplies, such as pain relievers, cold medications, bandages, dental care products, and menstrual products, is an excellent option. Alternatively, you might consider investing in orthopedic equipment with your FSA funds, such as knee braces, wrist supports, compression socks, or other pain-relieving devices. These items can be particularly beneficial in managing chronic pain and improving daily life, making them a wise use of your FSA dollars.

Source:

To utilize FSA (Flexible Spending Account) or HSA (Health Savings Account) funds for the purchase of OTC medical supplies from a drugstore, follow these guidelines:

For FSA Funds:

1. Check Eligibility: Verify that the OTC items you wish to purchase are eligible under your FSA plan. Commonly eligible items include:
2. Pain relievers
3. Bandages
4. Dental care products
5. Menstrual products (such as tampons and pads) [4]
6. Use a Debit Card: If your employer offers a HealthTrust Benefit Advantage Debit Card, you can use it to pay for eligible expenses directly at the store. Keep receipts for verification purposes [3].
7. Reimbursement: If you don't have a debit card, pay for the services and then submit a claim reimbursement request electronically or using a paper form. Keep all receipts associated with your FSA expenses for verification [3].

For HSA Funds:

1. Check Eligibility: Verify that the OTC items you wish to purchase are eligible under your HSA plan. Commonly eligible items include:
2. Pain relievers
3. Bandages
4. Dental care products
5. Menstrual products (such as tampons and pads) [1]
6. No Prescription Required: Unlike traditional §213(d) qualified medical expenses, OTC medicines and drugs are deductible HSA expenses without a prescription, thanks to the CARES Act [1].
7. Tax-Free Distribution: Use your HSA funds to pay or be reimbursed for these expenses, and the distribution will remain tax-free if the expenses meet the IRS criteria for qualified medical expenses [1].

General Tips:

• Receipts: Always keep receipts for purchases associated with your FSA or HSA expenses. This documentation may be required for verification purposes.
• Plan Documentation: Review your plan's documentation to understand the specific rules and eligible expenses under your FSA and HSA plans, as they may vary slightly.

By following these steps, you can effectively use your FSA or HSA funds to purchase OTC medical supplies from a drugstore.