8 Ways to Spend Your Last-Minute Health Care FSA Funds
Don't lose the money in your Flexible Spending Account! The initial cut-off was December 31, 2014, but if your employer grants the optional rollover to the next year, your new deadline to use it or lose it is March 15, 2015. (One exception is if your plan's extension includes the $500 carry-over option — you can use those funds anytime throughout the year.) (See also: Signing Up for Obamacare in 2015? Here's What's New)
Your FSA can be used for several qualified purchases. Here are eight awesome last-minute ways to spend the money in your FSA before you lose it.
1. Baby Supplies
The cost of raising infants is high, but a portion of those costs can be offset using your pre-tax FSA money. Diapers, thermometers, cold medications, and other essential baby care products are FSA eligible. Also see below for dependent care expenses.
2. Household Medical Supplies
Stock up on household medical supplies. Things that you normally would not consider buying with your FSA do qualify as medical supplies, like sunscreen, contact lenses, allergy medications, first-aid kits, and more. The FSA Store has a large selection of FSA-eligible products.
3. Annual Exams and Check-Ups
Remember, co-pays and deductibles for those last-minute doctor visits qualify. So, schedule routine eye exams, physicals, and annual check-ups for you and covered members of your family.
4. Prescription Medications and Vitamins
Re-stock any prescription medications now that you will need later in the year. Preventive vitamin supplements and digestive care are also considered medical supplies.
5. Dependent Care
Some FSA plans cover dependent or child care — and for those with costly childcare and dependent care expenses, this is a great way to spend your FSA in one shot. Daycare, after school programs, nannies, and adult care all are qualified FSA expenses. Check with your plan to determine coverage.
6. Family Planning
Whether you are planning for a child (or just the opposite), many family planning items, like condoms, fertility kits, and fertility treatments are all FSA eligible.
7. Supplies You Might Not Expect
Many medical supplies you might not expect including batteries, Dr. Scholl's foot inserts, nicotine patches, ice packs, and body creams and lotions qualify for FSA eligibility.
8. Commuter Costs
Commuter costs are eligible, so don't forget to submit receipts for transportation and parking to and from health care service providers and pharmacies. The reimbursement also applies to dependent care providers.
Do you have unused FSA funds? How will you use them before the deadline?
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