Ways to Spend Your FSA Money Before Year-End
November 14, 2017
It’s November, which is a good time to assess how much money is left in your use-it-or-lose-it Flexible Spending Account (FSA). You can use these funds to pay for copayments, deductibles, some medications, and some other healthcare costs. Here are a couple of ways you can spend your FSA money before year-end.
Buy Hearing Aids
If you’re not sure if your hearing is right for your age – it may be wise to get a hearing test. Hearing loss can be isolating; it limits our ability to communicate with family and friends. With a diagnosis and help from an audiologist, you can apply your FSA spending to the cost of hearing aids and batteries. If you already have hearing aids, the cost of getting them refit, repairs, and maintenance also qualify.
Get Foot Pain Relief
If you suffer from foot pain like many of us, getting foot relief is a great way to spend your FSA funds. Talk to a podiatrist to get diagnosed and treated for bunions, heel spurs, and hammertoes – all eligible for FSA spending and useful for relieving your foot pain.
Fertility and Infertility
Condoms are FSA-eligible, and so are female contraceptives when you have a prescription. You can also use FSA funds for sterilization operations like a vasectomy.
If you’re trying to have a baby, procedures or expenses used to improve your fertility may be FSA-eligible, including:
- Pregnancy tests, monitors, and fertility kits.
- Procedures like intrauterine insemination and in vitro fertilization (including temporary storage of eggs or sperm).
Check Your Skin
Acne treatments, toner, and other skin care products may be all eligible for FSA spending when prescribed by a doctor. Request an appointment with a dermatologist to learn what products will best benefit your skin and ensure your purchases meet all requirements. During your visit, your doctor can discuss any procedures or services that may also qualify for FSA spending.
Medically-Monitored Weight-Loss Program
FSA spending on a weight-loss program that treats a specific disease diagnosed by a physician is permissible. This means, if you are diagnosed with obesity, hypertension or heart disease, the ARC Weight Management program qualifies for FSA spending. This includes fees you pay for doctor visits and group meetings. For more information, email the Weight Management Program.
These are just a few suggestions on how to spend your FSA money before the end of the year. For the full list, visit the IRS website.