With just weeks left in the year, now is a perfect time to review your spending accounts. If you have a flexible spending account (FSA) through your employer, it’s a smart idea to see if you’re on track to spend all the funds you’ve allocated. Since FSA dollars are typically “use it or lose it,” you may need to act soon to avoid forfeiting any remaining balance. In this article, we’ll explore tips for using your FSA funds before they expire.
What are the benefits of an FSA?
An FSA allows you to set aside pre-tax dollars to offset certain qualified medical expenses. You can use these funds to cover out-of-pocket expenses or surprise costs that arise. If you don’t have an FSA yet, you can explore options for opening one during your next open enrollment period.
How can I use my FSA funds?
FSA funds can be used for a wide range of routine medical expenses, including pharmacy, dental costs or vision costs and specialist visits. Here are a few ideas to help you use up your funds before the deadline.
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- Stock up on everyday essentials. An easy way to use your FSA is by purchasing eligible over-the-counter (OTC) products. Consider stocking up on some of these items:
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- Pain relievers
- Allergy medications
- Cold and flu remedies
- Menstrual care products
- First aid supplies (bandages, antiseptics)
- Sunscreen (must be SPF 15 or higher)
- Contact lenses and solution
- Reading glasses or prescription eyewear
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- Schedule routine appointments, procedures or specialist visits. If you’ve been delaying care, now can be a perfect time to book those appointments. Your FSA can help cover copays, deductibles and coinsurance for:
- Dental cleanings or procedures.
- Eye exams, glasses and contact lenses.
- Mental health or therapy appointments.
- Physical therapy or chiropractic care.
- Annual physicals plus lab work.
- Specialist visits, such as cardiology, dermatology, etc.
- Schedule routine appointments, procedures or specialist visits. If you’ve been delaying care, now can be a perfect time to book those appointments. Your FSA can help cover copays, deductibles and coinsurance for:
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- Purchase wellness devices or equipment. FSA funds can also be used for various at-home health items, such as:
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- Blood pressure monitors.
- Body scales.
- Glucose test strips.
- Hearing aids.
- Heating pads or ice packs.
- Smart thermometers.
- Walkers, canes or wheelchairs.
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What items can you not use an FSA for?
While many health-related expenses qualify, some items do not. Generally speaking, cosmetic or personal health items do not qualify. A few examples include supplements, vitamins, cosmetic procedures, personal hygiene products and gym/health club memberships. However, in certain cases, exceptions may apply if you have a valid letter of medical necessity. If you’re unsure about what’s covered, take a moment to review your plan details or visit irs.gov for official guidelines.
Monitor your balance and pay for expenses easily
If you have an FSA account with Meritain Health®, we make it easy to monitor your balance through your online member account. By going online or using the member app, you can:
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- Check your balance.
- Submit claims and upload receipts.
- View eligible expenses.
- Set reminders for deadlines.
Logging in regularly helps you stay on top of your spending and plan remaining expenses. Members and dependents can also use a prepaid benefits debit card to pay for eligible items, making it easier to use up funds.
Conclusion: Don’t let your FSA funds go to waste
Your FSA is a valuable tool for saving on health care costs—but only if you use it. With the end of the year approaching, there’s no better time to review your balance, understand your plan’s rules and spend on the care and products you need. So, whether you need to get to the dentist, buy a new pair of glasses or stock up on everyday essentials, your FSA can help you finish the year healthier and stronger.
This article is for informational purposes only and is not meant as medical advice.
Health benefits and health insurance plans contain exclusions and limitations; see your plan documents for complete description of benefits, exclusions, limitations and conditions of coverage. Plan features and availability may vary and are subject to change.
