Flexible Spending Accounts (FSA) are a great way to help cover the cost of medical expenses that aren’t covered by health insurance — like cold medicine, antacids, or even reading glasses.
At the start of a year, you decide how much you want to save in the account. Throughout the calendar year, money is taken from your paycheck and placed in the account until the full amount is saved.
You can start using the money right away. The tricky part is remembering to use it. Oftentimes, through the hustle of everyday life, the account is forgotten. And the money in an FSA does not roll over into the next year, so it’s use it or lose your money.
Before the end of the year, go through your medicine cabinet, toss what’s expired, and stock up on over-the-counter items you know you’ll need.
Essentials. These are good things to have on hand anyway, and are most likely to be needed at some point:
- Pain relievers. Aspirin and ibuprofen/acetaminophen
- Decongestant. Nasal spray, neti pots
- Cough suppressant
- Allergy medicine (antihistamine)
- Antacid - Tums/Pepto
- Antibiotic ointment/bandages
- Thermometer
- First aid kit
Extras. You’d be surprised by the extensive list of things you can use FSA money for.
- Out of pocket non-cosmetic dental care as well as dental pain relief like Orajel or Anbesol (teething, toothache pain)
- Nicotine gum or patches, smoking cessation programs and medication
- Vision care, contacts, glasses, LASIK
- Pads, tampons, period underwear
- Condoms and spermicide, morning after pill, pregnancy tests, prenatal vitamins, ovulation/fertility monitor (like EPT, Clearblue Fertility Monitor), vasectomy (or vasectomy reversal)
- COVID tests
- Acupuncture
- Adaptive equipment
- Eczema lotion
- Hand sanitizer
- Hearing aids and ear drops/wax removal
- Lactation/nursing supplies, including breast pumps
- Motion sickness medicine, patch or wristband
- Reading glasses
The money in your FSA can also go toward things like massage therapy, acne treatment and Botox for migraines if you have a prescription from your doctor. Double-check a list of eligible FSA expenses before you spend.
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