Fun ways to spend your FSA before the end of 2022

“Enjoyable” and “spending pre-tax financial savings earlier than the end-of-year forfeiture deadline” aren’t two issues that normally go collectively. However when you have cash left over in your healthcare versatile spending account, you’ll lose it quickly until you spend it on one thing. So why not one thing that’ll make your life a bit higher in 2023?

The utmost you may contribute to a tax-exempt versatile spending account this 12 months was $2,850. The catch, although, is which you can spend that cash solely on certified medical purchases, akin to co-pays, prescriptions and physician’s payments. However it’s also possible to use it to restock your drugs cupboard, put together for the “triple-demic” winter, and even choose up some enjoyable and shocking stuff you won’t find out about.

What about rolling over unspent FSA {dollars} into 2023, or having a grace interval to spend them? Properly, that is dependent upon your particular plan. Your employer can decide to let folks roll over as much as $570 into subsequent 12 months or to present them a further 2.5 months in the beginning of 2023 to make use of up their accounts. E-mail your organization’s human assets particular person or advantages administrator and ask should you’re eligible to do both of these issues. In case your employer didn’t select a kind of choices, you’ll want to make use of up your remaining steadiness by Dec. 31. No matter you don’t spend will likely be forfeited.

A lot of websites have FSA-specific pages, together with Amazon, Goal, Costco, CVS, Ceremony-Support, Walgreens and Wal-Mart. There’s additionally FSAStore.com, which — as you might have surmised from the identify — solely sells issues you may pay for with an FSA card. (That website even has a “surprisingly eligible” part.) Should you’d moderately store in particular person, most shops that promote FSA-eligible objects will allow you to swipe your FSA card first at checkout, and people objects will routinely be paid for that method. Should you overlook to carry your FSA card, save the receipt and phone your plan administrator about getting reimbursed.

Every year, staff collectively depart as a lot as $400 million sitting on the desk after they don’t spend their complete FSA. Listed below are some concepts to be sure you don’t turn out to be certainly one of them.

Enjoyable within the solar

Do you may have any thrilling journey plans in 2023? Begin packing. Sunscreen (together with some high-end manufacturers like Supergoop!), movement illness remedy and bands, massaging gel shoe inserts, compression socks for lengthy flights, new prescription sun shades and contacts, and a first-aid equipment in your automotive or suitcase are all FSA-eligible bills.

Up your skincare recreation

Pimples prevention and coverings (together with face and physique washes), spot therapies, patches and a lightweight remedy software can all be purchased together with your FSA. Sunscreen and toner, too — and even some tinted lip balms with SPF.

Have a child

Fertility monitoring checks and gadgets, being pregnant checks, prenatal nutritional vitamins, breast pumps and associated pumping and breastfeeding provides, child displays and plenty of postpartum care objects qualify. Sadly, diapers don’t, although toddler coaching pants and nighttime underwear do.

Keep away from having a child

Condoms and emergency contraception will be bought together with your FSA. Emergency contraception doesn’t expire for a number of years, so it by no means hurts to have some available, particularly after the surge in demand earlier this 12 months. Contraceptives like contraception tablets are FSA-eligible with a prescription.

On a associated notice, menstrual care objects may also be bought together with your FSA, because of the 2020 CARES Act. So can a heating pad.

Purchase items

Hit up a good friend’s child bathe registry for issues like an Owlet sock, or give your fanciest good friend a skincare bundle or tinted lip balm with SPF. An ancestry DNA equipment with a well being report? Yup, lined — although whether or not you need to try this type of shopper genetic testing within the first place is debatable. Should you wished to deal with somebody (or your self) to a self-care present akin to zits gentle remedy, a massaging machine, an acupressure cushion or a set of yoga wheels, now’s the time.

No want to say the way you paid for any of it.

Put together for the ‘triple-demic’

OK, this one isn’t fairly as enjoyable. However whenever you’re sick, the very last thing you wish to do is haul your self out to the shop for painkillers, cough drugs, a steam inhaler or a humidifier, a thermometer and a few electrolyte powder. Purchase that stuff forward of time — although you need to keep away from stockpiling youngsters’ medicines proper now, whereas brief provides are making life tough for the kids who really want them.

KN95 masks and residential COVID checks are additionally eligible, and also you’ll positively need these available through the COVID-flu-RSV “triple-demic” this winter.

Broadly, absolutely anything you’d must restock a medication cupboard — a first-aid equipment, bandages, allergy drugs, heartburn therapy, antibiotic ointment, ache relievers, contact resolution — will be bought together with your versatile spending account. They will not be essentially the most glamorous purchases you’ll ever make, nevertheless it beats leaving your cash behind.