Where to Spend Your FSA/HSA Funds Before the End of the Year

If you have a flexible spending account (FSA) or health savings account (HSA), you know the drill: Use the funds before the end of the year, or lose them. You’re unlikely to pack the rest of your year with doctor’s appointments—either because everywhere is booked months in advance or because that simply sounds dreadful— but fear not. You can spend your remaining FSA funds on other qualifying healthcare costs. As the end of the year approaches, take stock of your FSA/HSA balances and make a plan to spend any leftover money.

Stock up on over-the-counter meds

Many over-the-counter medications and health items are FSA/HSA-eligible, including pain relievers, cold medicine, bandages, dental care products, menstrual products, and more. Scan your medicine cabinet and make a list of anything you need to stock upon.

Products to consider:

Get new glasses or contacts

If your vision isn’t quite 20/20, use FSA/HSA dollars to order a new prescription for eyeglasses or contacts. Also, stock up on eye drops and lens solution!

Purchase orthopedic items

Knee braces, wrist splints, compression socks and other orthopedic items can help relieve chronic pain issues. Use FSA/HSA money to offset the costs of these.

Pre-pay for planned procedures

If you have medical procedures coming up in early next year, many healthcare providers will allow you to pre-pay the estimated costs using FSA/HSA funds this calendar year. This includes dental work, physical therapy, chiropractic visits, Lasik eye surgery and more.

The bottom line

However you choose to spend your FSA funds, don’t let that money go to waste. After all, it came out of your paycheck. Check in with your employer’s rules are for any balance remaining on Dec. 31 this year, so you aren’t left forfeiting your hard-earned funds. You can find a complete list at the FSA store here.