Creative Ways To Empty Your Flexible Spending Account (FSA)

December 11, 2019

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Tic-tok is the sound you're hearing for your cash in your Flexible Spending Account (FSA). Depending on your employer’s rules, if you don’t spend your FSA money by the end of the annual grace period, you potentially lose some of it. Lost cash is never a good thing. So if you have to use your FSA money soon, here are a handful of creative ways to spend it. Skin care. Acne treatments, toner, and other skin care products are all eligible for FSA spending. Most of these require a prescription for reimbursement, but don’t let that deter you. Your doctor is familiar with the rules and you shouldn’t have trouble getting a prescription. Plan for your summer vacation. Use your FSA money to stock up on trip essentials such as sunscreen, motion sickness medication or bands, first-aid kits for your luggage and compression socks (for that long flight). Sleep aids are eligible, though you’ll need a prescription. Finally, stock up on staples such as headache medicine, pain relievers, antacids, heartburn meds, and anything else your heart (or other parts of your body) desires. However, you will need a prescription in order to be eligible even though you can buy these items over-the-counter.  Even though the year is nearly over, there is some good news about your FSA account. The law allows employers to roll $500 over into the New Year and also offer a grace period of up to two and a half months to use that cash (March 15). However not every employer hold on to it for that long, so check with your human resources team for your company's policy.

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