If you have a Flexible Spending Account (FSA), spend your funds wisely throughout the year and keep an eye on your balance as your plan year draws to a close. When it comes to FSAs, the most important rule you’ll want to remember is “use or lose.” Any unspent money could be forfeited, which you don’t want to happen.
For many FSA plans, funds expire on December 31. However, depending on exceptions set by your employer, you may be given a 2.5 month grace period until midnight on March 15 to spend the remaining balance in your account. Your employer might instead allow a limited amount to roll over into the next year (up to $610 for plan years ending in 2023). Employers can only offer one of these options, so you’ll want to double check your employer’s guidelines. So, how does one avoid losing these valuable dollars? By consistently using them on FSA-eligible items.
You might be surprised at what products are FSA-eligible expenses. Healthcare products—from first aid to tampons to reading glasses and breast pumps—are all eligible for purchase with your tax-free funds. Don’t let them go to waste!
What you can buy with an FSA
Below is a list of over-the-counter items and other eligible expenses for FSA funds. Purchases may result in a small commission to American Fidelity at no additional cost to you.
- Acne light therapy
- Athletic and orthopedic braces and supports
- Breast pumps and accessories
- Blood glucose monitors and testing strips
- Blood pressure monitors
- Condoms
- Contact lenses and supplies
- Denture cream and cleansers
- Eye drops
- First aid supplies and kits
- Glucosamine supplements
- Hot and cold packs
- Incontinence products
- Lip balm (SPF or medicated)
- Motion sickness aids
- Nasal spray
- Pregnancy and fertility tests
- Reading glasses
- Sunscreens with SPF ratings of 15 and above
- Thermometers
- Vaporizers and inhalers
- Walking aids and wheelchairs
If you have additional questions about FSAs, visit our support site.
This blog is up to date as of October 2024 and has not been updated for changes in the law, administration or current events.
Shop the FSA Store
Shop for Eligible Items
You may purchase FSA-eligible items online at the FSA Store. Browse medical supplies, over-the-counter medication, prescriptions, and more.
Purchases may result in a small commission to American Fidelity at no additional cost to you.
