Clever Ways To Spend FSA Money Before the Deadline

#1: Eyeglasses & Contact Lenses

Case in point: eyeglasses. If you wear prescription eyeglasses, and even if you've already been to an optometrist and have made sure that your prescription is up-to-date, that doesn't mean you can't still put that FSA money to good use. You can also use those funds to get a pair of prescription sunglasses or even prescription contact lenses to help get you through the year.

Many don't realize that even contact lens solutions are often covered under the terms and conditions of your standard FSA account.

#2. Acupuncture

On the subject of medical procedures, using FSA money can also be a good way to experiment with certain techniques that you may otherwise not think too much about. If you're someone who suffers from joint pain or even arthritis, you should know that FSA money can also be used to pay towards your next visit to an acupuncture professional.

#3. Shoe Support

Regardless of the type of job you have, the chances are high that you spend a lot of time on your feet every day. What you might not realize is that your FSA money can help with that, at least as far as massaging gel shoe inserts are concerned.

These are a great way to relieve some pressure on your feet while you stand for long periods every day, which can also help eliminate stress on other joints like your knees and hips as well. If you have already explored this type of option, don't worry - there are others available. Everything from arch support to callus remover medicine to Orthopedic shoe inserts, can also be paid for, giving you a little physical relief while you enjoy some financial relief as well.

#4. Acne Medicines

Other creative ways to spend FSA money include investing in those products that will help clear up some skin issues that you may be experiencing. Statistically speaking, a lot of people deal with the impacts of acne at some point throughout their lives - not just during their teenage years. Various acne medications can be eligible expenses.

#5. Skincare Treatment

A number of skincare products are also able to be paid for by your FSA money. This can include those products that are used to clear up skin conditions that are not acne-related, like Eczema and others.

#6. Stockpiling Medical Supplies

Don't forget about these potential supplies that you may not necessarily need right now, but that would be good to have around the house in the event of an emergency. You can never have too many bandages, for example, especially if you have a larger family.

Blood pressure monitors, heating pads, medical cold packs, you name it - all of them would be right at home in a First Aid kit. Thankfully, you don't necessarily have to run to the pharmacy and buy all of these things out-of-pocket - you can stock up on each one of them with that FSA money that you have been saving up throughout the year.

#7. Prescription Products

As an aside, it is important to understand that you can't necessarily walk into a store and use your FSA money for all the products outlined above. Some will definitely require a prescription, for example. But that's okay, because the checkup with your medical professional will be covered as well - allowing you to enjoy all the benefits of this process with as few of the potential downsides as possible.

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#8. Pain Relievers

You can also use your FSA money to stock up on non-prescription items. This can include medicines that are used to treat headaches, general pain relievers, and more that you can buy over the counter at a pharmacy.

#9. Thermometers

Thermometers are always important, but are especially helpful given everything going on in the world right now. Given the rise in COVID-19 cases there is a chance you'll be checking for a fever with you and your family members more frequently than ever and FSA money can help cover those expenses.

#10. Pregnancy and Baby-Related Items

You can use your FSA money to cover the cost of not only pregnancy tests, but also things like fertility monitors, breast pumps, and even baby breathing monitors as well.

#11. Dental Treatments

You can include in medical expenses the payments for preventing and easing dental disease. Preventive treatment covers the services of a dental hygienist or dentist, including procedures like teeth cleaning, applying sealants, and fluoride treatments to prevent tooth decay. Alleviating dental disease involves the services of a dentist for procedures such as X-rays, fillings, braces, extractions, dentures, and other dental treatments, besides teeth whitening.

#12. Hearing Aids

You can include in medical expenses the expenses for a hearing aid and the batteries, repairs, and maintenance necessary for its operation.

#13. Eye Surgery

You can include in medical expenses the payment for eye surgery to address defective vision, such as laser eye surgery or radial keratotomy.

#14. Psychiatric Care

You can include in medical expenses the payments you make for psychiatric care. This encompasses the expenses associated with supporting a mentally ill dependent at a specially equipped medical center where the dependent receives medical care.

#15. Other Approved IRS Medical Expenses

Finally, you can use your FSA funds on other IRS approved medical expenses, such as legal abortions, ambulances, crutches, therapy and more.

Other Benefits of FSAs for Your Employees

When it comes to employers contemplating the value of introducing a Flexible Spending Account (FSA) for their staff, it becomes crucial to delve into the wider spectrum of advantages it can bring to the organization. While the primary aim of an FSA remains to provide financial relief to individuals for IRS-qualified healthcare expenditures, there's more in it for employers than meets the eye. Notably, one compelling facet is how an FSA can serve as a potent tool for talent acquisition and retention. In today's fiercely competitive job market, benefits such as FSAs can significantly augment a company's appeal to potential hires and fortify its capacity to retain existing talent. Furthermore, FSAs hold the potential to reduce the taxable income of employees, leading to mutual savings in taxes for both employees and employers. Thus, even if an employer harbors initial reservations about FSAs, it is beneficial to explore their potential to elevate employee satisfaction, bolster financial well-being, and concurrently enhance the organization's financial standing.

The AEIS Approach

At AEIS, Inc., we aim to make things as simple as possible - this is true whether you're talking about spending FSA money before the aforementioned deadline, health insurance, employee benefits, or something in between. No matter what, we want to leverage our decades of combined experience to your advantage - making sure that the financial futures of both businesses and employees are taken care of, exactly the way things should be.

If you'd like to find out more information about spending FSA money in creative ways before the deadline, or if you have any additional questions that you'd like to talk to a professional about in a bit more detail, please don't hesitate to contact the team at AEIS today.

Disclaimer: Any information related to compliance, laws and regulations, or other subject matters in this blog is intended to be informational and does not constitute legal advice regarding any specific situation. The content of this blog is based on the most up-to-date information that was available on the date it was published and could be subject to change. Should you require further assistance or legal advice, please consult a licensed attorney.