10 Days, 10 Ways to Spend Remaining 2020 FSA Funds

NewsUSA

(NewsUSA) – As 2020 comes to a close, the rush of the holiday season will soon turn into a scramble for flexible spending account (FSA) users who have a December 31 deadline. An FSA is an employer-sponsored, tax-advantaged account you can use to pay for eligible healthcare expenses. However, money left at the end of each plan year (or after any applicable deadline extension) is forfeited back to your employer. And there are hundreds, if not thousands, of dollars left on the line for many American families this year.

FSAstore.com believes that using healthcare dollars should be simple and that forfeiting funds shouldn’t happen, especially since there are so many ways to use FSA funds to help manage medical conditions and support daily health and well-being.

With less than two weeks until December 31, FSAstore.com has compiled a Deadline Spending Guide for shopping inspiration, along with the following 10 ideas for spending down funds.

1. Diagnostic Products. Monitor your health with at-home COVID test kits, blood pressure monitors, thermometers, pulse oximeters and more.

2. Over-the-Counter Medicines. Buy everyday over-the-counter medications such as pain relievers, decongestants, antihistamines and acne treatments.

3. Drug-Free Pain Relief. Looking for drug-free pain relief? Use your FSA to buy products such as acupressure mats, TENS machines, foot rollers, and posture pumps.

4. First Aid. Bolster your medicine cabinet or buy a pre-made, first-aid kit that’s perfect for your home, car, boat, and everywhere in between.

5. Cold & Allergy. Any season can be allergy season. In addition to over-the-counter decongestants and antihistamines, allergy sufferers can buy steam inhalers, saline nose wipes, Neti pots and more.

6. Baby & Mom. Use your FSA to buy breastfeeding pumps and supplies, baby health monitors, nasal aspirators and baby sunscreen.

7. Skin & Personal Care. FSA users have more opportunities than ever to care for their skin. Keep acne and “maskne” caused by mask usage at bay with eligible acne treatments and light therapy, as well as skin care products used to treat dry skin and eczema.

8. Feminine Care. For the first time ever, you can use your FSA to buy tampons, pads, period underwear, menstrual cups and more.

9. Sun Care. You may be traveling less, but those UV rays haven’t gone anywhere. Protect your skin from the sun year-round with broad spectrum sunscreen for babies, kids and adults, as well as SPF lip balm.

10. Eye Care (Glasses, Contacts, Sunglasses). Need help seeing clearly? Use your FSA to replenish contact lenses or buy a new set of prescription frames, lenses, reading glasses, or prescription sunglasses. FSAs even cover related products, such as lens cleaning wipes, eyeglass repair kits, contact lens cases, and solutions.

December 31 is fast approaching, but FSA users are better positioned than ever to fully maximize the potential of their tax-free funds to help treat medical conditions and promote long-term health.

NewsUSA