Your FSA - Use It Or Lose It!

Don't lose the money in your flex spending account (FSA). Here are some great ways to use those funds before they vanish into thin air. 

I’ve certainly lost money with flex spending accounts (FSA) in the past. Many employer-offered health care plans include an option for an FSA, an account into which a portion of your paycheck is added pre-tax. You are able to use this money to purchase medical supplies, satisfy copays or any other expenses. It is similar to a health savings account (HSA) in that way, but there is one major difference: an HSA doesn’t run out while an FSA does. At the end of each year, any money remaining in an FSA simply vanishes. Because it is difficult to accurately predict out of pocket expenses for an entire year, I used to find myself using my FSA sparingly and would often find myself in this situation at the end of December, losing track of my remaining funds, even into the grace period. What a waste of money!

Smart ways to use your FSA

Luckily, there are always ways to get the most out of your FSA dollars and avoid loss of funds. Take a look at your remaining balance this month and consider purchasing testing supplies right here. Or, build your own plan so you can choose what works best for you. Buying direct at affordable prices will allow you to maximize your remaining FSA balance and ensure that you have the supplies you need for proper, effective diabetes management. 

Don’t need testing supplies right now? No problem. There are other great ways to spend your FSA money. Pay your share for a dental cleaning, get an eye exam, or even go see a chiropractor. You may be surprised by what else you can buy with those leftover FSA funds. For example:

• Acupressure pillow

• Aspirin

• Bandaids

• Blood pressure monitor

• Denture adhesive

• Dermatology treatments

• Eyeglasses

• Glucose tablets

• Hearing aids and batteries

• Humidifier and supplies

• Insulin pen needles

• Nasal spray

• Nebulizers mask

• Sunscreen

• TENS unit

• Thermometer

Some items are limited in where you can buy them with your FSA money. 

Whatever you choose to do with the last of your flex spending account, just don’t let it go unused. The current health care system in the USA is expensive enough without losing the extra pennies to the overly complicated systems that support it.