Are you wondering how to spend leftover FSA money? March 15th is quickly approaching, which means the deadline to use FSA funds from 2020 is right around the corner.
One of the ways to help employees use up FSA money and maximize their FSA benefit is to remind them of this upcoming deadline often.This shows employee appreciation, as they will appreciate the reminder and will be more likely to stay enrolled in a benefit when they can see it pay off, both literally and figuratively.
But during this conversation, employers and HR professionals will likely be met with the question: “What can I use my remaining FSA funds on so they don’t go to waste?”
While purchases must be considered “qualified expenses” to use FSA funds, there are more options than you think. Many things that your employees will need to purchase anyway can be covered with their remaining funds, saving them from routine out-of-pocket costs.
Here are just a few examples of what to do with leftover FSA money and how employees can use their leftover FSA dollars before the deadline:
At-home COVID-19 tests: If getting an in-person COVID-19 test isn't an option or you prefer to stay in quarantine, at-home COVID-19 test kits are FSA eligible.
Nursing supplies: New mothers, pregnant women, or those who plan on becoming pregnant can breast pumps and supplies.
Eye care: Annual eye exams are eligible for FSA funds, as well as prescription glasses and contact lenses. Prescription sunglasses are eligible too, for those who already got new glasses this year.
Diabetes supplies: Items like blood sugar monitors, test strips and diagnostic testing are FSA eligible.
First aid supplies: It’s never a bad idea to stock up on bandages, wraps, thermometers, ice packs and other first aid products. Most, if not all, first aid products can be paid for with FSA funds.
Sunscreen: Warm weather and beach days will be back before we know it. Employees can prepare for spring and summer by purchasing sunscreen with FSA dollars.
Over the counter medication: Over the counter drugs that are used to treat medical conditions are FSA eligible, along with prenatal vitamins.
Vehicle or home modifications: If a medical condition requires an employee or their dependent to make modifications to their home or vehicle, those changes can be paid for using FSA dollars.
Dental treatment: Medical dental treatments, like fillings and root canals, are FSA eligible. Cosmetic surgeries and teeth whitening, however, are not.
Acupuncture and chiropractic care: Some of your employees have likely wanted to try acupuncture but didn’t want to incur the cost. They can use their remaining FSA funds for acupuncture or chiropractic care to try new treatments for painful conditions.
Sleep aid: Getting enough sleep is important for overall health, but there’s a good chance most employees aren’t. Items to aid with sleep, including prescription sleep aids, sleep masks, vaporizers and bed warmers are often covered.
Get the gadgets: There are many high-tech devices that help monitor and assist overall health. If your employees want to try a splurge-worthy device, there are eligible items for light therapy, nausea relief, chronic pain and more.
Take care of your feet: Foot care products are often FSA eligible, including gel shoe inserts, arch braces, toe cushions and callus trimmers. In some cases, massagers or circulators are covered too.
To get your employers started with spending their remaining FSA dollars by sharing the link to the FSA store. They can shop directly from within the store or use it to find what products are eligible for shopping elsewhere. That way, your employees get everything they need to stay healthy and safe, while making the most of the FSA benefits solutions.
