Use It or Lose It
It’s that time of the year to start assessing your HSA and FSA accounts. You might be getting reminders from your healthcare providers like “use it or lose it.”
A HSA, or Health Savings Account, is an untaxed account you add money to. A FSA, or Flexible Savings Account, is another untaxed account you can add money to. Unlike a HSA, a FSA can be utilized for more than just healthcare applications. However, that money will also expire. It will not rollover into the new year.
Here are some alternative ways to use your FSA, so you don’t lose out on that money you contributed:
Dental Care
- Of course we have to mention this as number one! Dental treatments are absolutely coverable by FSA.
Acupuncture and Alternative Therapies:
- Many alternative therapies, such as acupuncture, chiropractic services, and certain alternative medicine treatments, may be eligible for FSA reimbursement. Check your plan details for specific coverage.
Medical Travel Expenses:
- If you need to travel for medical purposes, such as seeking specialized treatment or getting a second opinion, certain travel expenses may be eligible for reimbursement. This can include transportation, lodging, and meals.
Sunscreen and Sunblock:
- Some FSAs cover the cost of sunscreen with a high SPF as a qualified expense. This is especially relevant if the sunscreen is prescribed by a healthcare provider for a specific medical condition.
Weight Loss Programs:
- Certain weight loss programs may be eligible for reimbursement if they are recommended by a healthcare provider to treat a specific medical condition such as obesity or hypertension.
Medical Equipment for Special Needs:
- Some specialized medical equipment or devices for individuals with special needs may be eligible for FSA reimbursement. This could include items like certain types of adaptive equipment.
Laser Eye Surgery:
- Corrective eye surgery, such as LASIK, may be eligible for reimbursement from your FSA. Be sure to check with your FSA administrator for specific details.
Genetic Testing:
- Some genetic testing or screening recommended by a healthcare provider may be considered an eligible expense. This could include tests for conditions with a strong family history.
Smoking Cessation Programs:
- Expenses related to smoking cessation programs, such as prescribed medications or counseling, may be eligible for reimbursement from your FSA.
Breast Pump and Supplies:
- The cost of a breast pump and certain breastfeeding supplies may be eligible for reimbursement. This is especially relevant for nursing mothers returning to work.
Braille Books and Magazines:
- If you or a dependent are visually impaired, the cost of Braille books and magazines may be eligible for reimbursement.
Health-Related Apps:
- Some health-related apps or programs designed to treat or alleviate medical conditions may be eligible for reimbursement. Check with your FSA administrator for specific details.
Medical Conferences:
- If attending a medical conference is related to a specific medical condition or treatment, expenses such as registration fees and travel costs may be eligible for reimbursement.
Wigs:
- If a doctor prescribes a wig due to hair loss from a medical condition, the cost may be eligible for reimbursement.
DayCare:
- Some plans may allow daycare expenses to be paid for.
“Use it or lose it” can be a stressful time, but hopefully you are able to use these tips before the end of the year. If you have questions about starting or utilizing these options, you should speak with a trusted financial advisor. Also, be sure to book any appointments in advance, as other families are trying to use up their FSA aswell.
