What Can I Spend My FSA on Before it Expires?
As the year comes to a close, you might be wondering what you can use your health care flexible spending account (FSA) money on before you lose it. After all, nobody wants to leave money on the table!
If you’re like many Americans, trying to find something that makes sense to purchase with your excess FSA money can be a hassle that you just don’t have time for with the holidays and vacations!
Read on to find out more about FSAs and how you can maximize your balance with FSA-eligible products before your plan year deadline.
Information about FSAs
Flexible spending accounts are offered by 68% of employers, and they’re a great way for employees to use pre-tax money to pay for medical expenses, like deductibles, copays, and prescriptions.
When it comes to the end of the year, sometimes you find that you haven’t had as many expenses as you planned for, so you have money left over.
While FSAs are a great benefit that can help you save money on medical expenses, any money in your account that you don’t spend by the end of the plan year is lost if you don’t use it.
Depending on your employer, you might have a grace period or a rollover of funds past the end of the year to use the money in your account, so check your plan details to be sure you don’t lose out!
What can I buy with my unused FSA money?
Luckily, FSAs allow you to use your money to cover the cost of medical equipment, like blood pressure monitors (BPMs). About 46% of Americans have hypertension, and medical professionals are more often recommending home blood pressure monitoring for a variety of reasons, like early diagnosis, ongoing management and cutting your health care costs. So it makes sense to consider purchasing a home blood pressure monitor from FSAstore.com with your remaining FSA money.
“FSAstore.com is proud to partner with A&D Medical to help consumers benefit better from their health benefits. Americans lose millions of their hard-earned FSA dollars each year when they don’t have to,” said Jeremy Miller, CEO & Founder of FSAstore.com. “Using that money on an important medical device, like a blood pressure monitor, not only helps use that pre-paid benefit, but it can also help consumers keep their health care costs in check year-round.”
What types of blood pressure monitors are allowed?
All products that are available for FSA spending must adhere to the IRS definition of a qualified medical expense, IRS 213(d). FSAs cover a wide range of blood pressure monitors, but it is recommended that you find a BPM that is clinically validated to ensure you get the most accurate measurements possible.
What else do I need to know about spending and reimbursements?
FSAstore.com is flex spending with zero guesswork to make your deadline purchases easy. They accept all FSA cards, and if you use one, you usually don’t have to even submit a receipt or wait for reimbursement!
For those without FSA cards, they accept all major credit/debit cards and make it easy to print a receipt with all the information needed to file your claim.
While many FSA plans have the same general guidelines, each plan can differ in terms of covered items, grace periods, and reimbursement requirements. Make sure to read your policy or talk to your plan administrator if you have any questions!
