6 ways your employees can spend leftover FSA funds
With the end of year in sight, many are hunting for ways to use up FSA money that’s been diligently socked away all year. Here are a few suggestions for you and your employees on how and where to “use it before you lose it!”
1. Specialty services
Now might be a good time to book that specialty appointment you’ve been putting off. FSA funds can be used towards Acupuncture, Chiropractor, Psychologist, and Therapy appointments. Additionally, with a physician’s diagnosis, you may be able to use your FSA funds for weight loss programs.
Over-the-counter and prescription medications are FSA-eligible, so it’s an opportune time to stock up on over-the-counter pain relievers, allergy medications, and cold and flu products. Smoking cessation products can also be purchased with your FSA funds.
3. Sun-protection products
It’s hard to believe when many of us are venturing into sub-freezing temperatures, but there’s only half a year left until we start thinking about hitting the beach again. Both adult and children sunscreens are expenses that can be covered with FSA funds, so don’t hesitate to stock up on sun-protection products in preparation for warmer days ahead.
4. Feminine products
Not only can FSA funds cover basic menstrual care products, but they can also cover birth control and contraceptive devices, pregnancy tests, and acne treatments. These products can get expensive throughout the year – your pre-tax FSA dollars can help allay that cost.
5. Eye and Dental care
Health insurance only covers so much, especially when it comes to dental and vision. One of the most popular ways to use FSA funds are on the wide variety of eye and dental care costs, including contact lenses, eyeglasses, ophthalmology appointments, dentist visits, dentures, and other necessary dental procedures.
6. Babies and Children
Did you know FSA funds can cover fertility treatments and breast-feeding supplies? Once the new little bundle has arrived, there are a variety of products your FSA funds will cover including baby monitors, oxygen monitors, thermometers, vitamins, and more.
Take note that many employers offer a grace period, which will of course affect the timeline during which you can use excess FSA funds. As you can see, there are several practical options to take advantage of leftover FSA dollars – don’t miss out!
By Felicia Corbeil
Human Resources Manager, Checkwriters
Felicia joined Checkwriters in 2020, where she serves as the Human Resources Manager. Her particular areas of focus include hiring, benefits administration, and the development and implementation of company policies in conjunction with the Checkwriters Compliance Team. Recently, she has been instrumental as a consultant for Checkwriters' Employee Retention Credit (ERC) tax credit services, advising clients on the intricacies of that program. Felicia is based in Massachusetts.