The end of the year is fast approaching and besides the ball drop, that means you’re running out of time to spend your flexible spending account funds. Flexible spending accounts (FSAs) set aside money over the course of the year to help you take care of out-of-pocket medical expenses. This is great, but the downside is that for most, if you don’t spend the money, you lose it. Nobody wants to waste money, so here’s a helpful list of products you can stock up on now (some may surprise you) that qualify for flexible spending accounts.
10 Smart Ways to Spend Your Remaining FSA Funds
1. Life Alert Medical Alert System
Your FSA account isn’t just for basic supplies, you can purchase some innovative medical technology too – like a medical alert system. A medical alert system provides reassurance through monitoring, allowing your loved one to get assistance in the event of emergencies. According to FSAstore.com, you can be reimbursed for the Life Alert Medical Alert System if it’s purchased with your FSA funds. The Life Alert Medical Alert System comes with a main unit, help button, and a mobile pendant.
2. Home Remodeling for Medical Reasons
Yeah, we were surprised too. If you have a loved one that needs home accommodations for a medical condition, this type of expense is covered by an FSA. Home modifications like an entrance/exit ramp, wheelchairs, walking canes, and others are covered and can help you with assisting your loved one.
3. Family Planning
If you and your spouse are planning for a little one, an FSA plan can help you cover certain costs like pregnancy and fertility tests, and it can also cover the cost of prenatal vitamins. Additionally, childbirth classes are partially eligible for FSA spending.
4. DNA Testing
With your FSA funds, you can also order a 23andme DNA test. Lifehacker shares that your FSA money can partially pay for the test as long as it includes medical information. So, in addition to learning about your health genetically, you could also learn about your ancestry.
No need to be on puns and needles. Acupuncture is a procedure that’s eligible for FSA reimbursement. You will still need a Letter of Medical Necessity (LMN) from your doctor.
6. Eye And Hearing Assistance
If determined by your doctor as a need, you can also purchase hearing aids. Another item that you may not have known you can purchase are prescription sunglasses—additionally, you can purchase prescription glasses as well.
7. Diabetic Supplies
Your remaining funds can be used to stock up on the many supplies needed for the upcoming year. Diabetic supplies like blood-testing systems, strips, needles, and more can be covered by your FSA as well.
8. Doctor Visits
Been putting off your doctor visits this year? You can definitely use your FSA funds to cover out-of-pocket costs like your co-payment and other doctor fees related to diagnosis, treatment, and others.
9. Over-the-Counter Medications
Do you have any medications in your cabinet that you use a lot during the year? Now’s the time to stock up on all the various medications you may need for pain, illness, allergies, and others. If you restock now, you should be all-set for the upcoming year.
10. First-Aid Supplies
You can’t predict when an emergency will happen, but you can be prepared. With your FSA account, you can purchase first-aid supplies like bandages, wound medications, crutches, and other equipment. The only thing worse than suffering an injury is not having the medicine, medical equipment, or money to help you recover. That’s why we recommend planning ahead.