Picture this: you’ve been feeling good about making tax advantaged financial choices, one of them being that you’ve participated in the flexible spending arrangement program offered by your employer.
During benefits enrollment season, you’ve signed up to contribute a certain amount to be withdrawn pre-tax from your paycheck to fund your FSA account. You’ve made FSA-approved purchases here and there, but before you know it, the end of the plan year is fast approaching.
You can use your FSA funds towards co-pays and co-insurance amounts, of course. But what if you have a large amount left over? To add to the problem, the clock is ticking: FSA are generally “use it or lose it” plans, so you want to make sure that you have spent it by the end of your plan year.
I don’t know about you, but it pains me to see unused FSA funds – it wipes out the tax benefits! I also don’t want to be scrambling at year end, purchasing random FSA eligible items that I won’t ever use.
For ideas for products that you will actually use, here is a list of FSA-eligible items that can easily be purchased online:
Sunscreen with SPF 15+ protection
Adequate usage of broad spectrum SPF 15+ sunscreen is one way to protect yourself from the harmful effects of UV rays, including skin cancer, sunburns, and premature aging such as wrinkles and discoloration. Like when it comes to many areas of health – prevention is much cheaper and effective than treatment.
For those who don’t use sunscreen religiously on a regular basis, keep sunscreen on hand for those days you spend on outdoor activities, such as hiking, going to the beach, hanging out at the pool, having a picnic or bbq, and playing sports for hours on end.
To be FSA eligible, the sunscreen must be broad spectrum and an SPF of 15+. The following options have broad spectrum UVB & UVA protection, a non greasy feel, are cosmetically elegant, and a range in price for every budget:
Options for everyday:
Neutrogena Clear Face Break-Out Free Sunscreen SPF 55
Neutrogena Ultra Sheer Dry Touch Sunscreen SPF30
Vanicream Sunscreen Sport SPF35
Elta MD UV Clear Broad Spectrum SPF46
Chapstick with SPF 15+ protection
When it comes to protection from the damaging effects of UV rays, you don’t want to skip out on your lips. Moisturize dry or chapped lips, prevent premature aging, and protect your lips from UV rays, all at once.
As with sunscreen, FSA-eligible chapsticks must have SPF protection of 15+.
Vanicream Lip Protectant/Sunscreen SPF30
Aquaphor Lip Protectant + Sunscreen SPF30
EltaMD UV Lip Balm Broad-Spectrum SPF31
Feminine care products (tampons, pads, menstrual cups, pantyliners, etc)
Great news, ladies: menstrual care products are now considered fully FSA and HSA eligible products. With the passage of the CARES (Coronavirus Aid, Relief, and Economic Security) Act in March 2020, the bill states these include:
“tampon, pad, liner, cup, sponge, or similar product used by individuals with respect to menstruation or other genital-tract secretions.”
Select Over the Counter Meds
Think: cough drops, allergy relief, pain relievers, digestive aids
Also thanks to the CARES act, you can now use your FSA funds to buy over-the-counter medications without a prescription. These include Tylenol, Benadryl, Sudafed, Lactase, and other pain relievers, heartburn medications, allergy relief medication, and more.
Digestive health medications
Lactase enzyme supplements (such as Lactaid), laxatives, stool softeners, motion sickness meds/aids, anti-diarrheal, heartburn and indigestion relief medications are all FSA-eligible.
Prescription glasses or sunglasses
I’ve bought my last three pair of glasses from Warby Parker, and I really love them (if anyone is curious: the Laurel, Butler, and Carrington styles).
If you haven’t heard of the brand before, Warby Parker designs their stylish frames in-house and sells directly to consumer via their website and stores, offering very competitive and affordable prices starting at $99 a pair.
Even though they are not in-network with my insurance, I have found them much better priced than the options at my optometrist’s office. Bonus points: I was able to use my FSA funds to make the purchase.
Take advantage of their try-before-you-buy service option. In their “Home Try On Program“, you can select 5 frames from their website for them to ship to you to try on at home within a 5 day period. Via their app, you also have the option to upload your picture to do a virtual “try on”.
I would definitely check it out as Warby Parker has many stylish glasses in a variety of frame shapes, frame width, styles, and colors, as well as a 30-day hassle-free return policy.
Note: You’ll need to provide a prescription from your optometrist, but if you’ve had an annual check up in the past year, just ask them to send you a copy.
Contact lenses, including cleaning and storage solutions
Prefer contact lenses? No problem – with your FSA money, you can also purchase contact lenses (prescription needed), contact lenses cleaning solutions, and storage cases for contacts.
Cleaning solutions and storage cases are important because they are considered essential for the proper maintenance and safety of corrective vision aids like contact lenses.
Anti Itch treatments (bug bites, topical skin ailments)
Before I go out hiking or travel to more tropical cities around the world, I stock up on both bug repellent and anti itch treatments. For some strange reason, bugs are really attracted to me – I always end up with covered with bug bites while my hiking or travel buddy always ends up unscathed.
It’s great to keep some around for those backyard BBQ days, hiking and other outdoor activities, and travel.
First Aid Kit
A staple in every house, first aid kits help treat cuts, scrapes, and injuries and can help reduce the risk of infection. Injuries and accidents can happen at any time, so a centralized kit of medical supplies that’s easily accessible is important to have.
First Aid Only 299 Piece All Purpose First Aid Kit
Sleep Masks
Sleep masks may have many benefits, including: improving your sleep quality, promoting healthy sleep patterns, simulating darkness to help with deep sleep, and also protecting the delicate skin surrounding your eyes and help reduce the formation of wrinkles.
Mulberry Silk Sleep Eye Mask with Adjustable Strap
Thermometers & Pulse Oximeters
From a simple digital thermometer to fancier, no-contact thermometers, this is a staple in your first aid kit, particularly in the age of Covid-19.
Pulse oximeters are also FSA eligible and can be a helpful tool for monitoring your oxygen levels and alerting you for possible symptoms of Covid-19.
No Touch Forehead Thermometer
Digital Oral Thermometer
Fingertip Pulse Oximeter Blood Oxygen Saturation Monitor
Family Planning Needs
Condom, pregnancy tests, fertility trackers, and pregnancy monitors are all FSA-eligible.