The end of the year is approaching, and for many of our participants this means their FSA plan year is coming to an end. If you have funds remaining in your FSA account you may be wondering what you can do to ensure you receive the full benefits of this plan.
Check with your employer to see if you have a rollover or a grace period associated with your FSA plan; this may allow you some extra time to claim or spend your remaining FSA funds.
Take a moment to think back to any health related expenses you may have paid out-of-pocket without using FSA funds and consider filing a claim for reimbursement.
Third, here are 5 ways to utilize your FSA funds before the end of your plan year:
- First Aid Kits - Stock your home with first-aid essentials. These items do not require a prescription or letter of medical necessity for purchase:
- Heating pads
- Ice packs
- Full first aid kits
- Glasses/Contacts - make sure you and your family are up to date with your vision prescriptions. Visit the optometrist and get some new glasses or contacts. Also FSA eligible:
- Contact solution
- Eye drops for contact wearers
- Reading glasses
- Lasik eye surgery
- Immunizations - The end of the year is often associated with flu season. Make an appointment for you and your family to get your annual flu shot before the end of the year. Also FSA eligible:
- Lab fees
- Dental Care - Perhaps you have put off going to the dentist this year, now is the perfect time to make an appointment, as dental visits are FSA eligible expenses. Conversely, cosmetic dental procedures, like teeth whitening, are not covered. Also FSA eligible:
- Drug-Free Pain Relievers - If you are one of the many Americans suffering from chronic pain, there are many drug-free FSA eligible options to consider:
- TENS machines
- Chiropractor treatments
- Hot/cold packs
We hope that this has helped you to realize all the ways you can benefit from your FSA plan, even as your plan year is coming to an end. If you would like to see the complete list of items and procedures considered FSA eligible by the IRS, check out IRS Publication 502.
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