As the year comes to a close, it's a great time to check your flexible spending account (FSA) balance and ensure you're getting the most from those hard-earned dollars. Remember, unlike health savings account (HSA) plans, most FSA plans operate on a "use it or lose it" basis, meaning any unused funds typically don't roll over to the next year. But don't worry! We're here to help you make the most of your hard-earned dollars before they expire.

Check Your Balance and Deadline

First things first: log into your FSA account or check with your HR department to confirm your current balance and the exact deadline for using your funds. Some plans offer a grace period into the new year or allow a small rollover amount, but it's best to verify your specific plan details. Check with your HR department or FSA provider to understand your plan’s rules so you can plan your spending and avoid leaving money on the table.

Schedule Routine Health Appointments

Your FSA dollars can be used to cover copayments, deductibles, and other out-of-pocket expenses for appointments with primary care providers, specialists, and other health care services. Consider booking that annual physical, vision exam, or dental cleaning if you haven’t done so this year. However, it’s not uncommon for many providers to have busy schedules as the year wraps up, so try to book sooner rather than later.

Stock Up on Essentials

Did you know that many over-the-counter essentials and everyday health supplies are FSA-eligible? Now's the perfect time to replenish your medicine cabinet and first-aid kit.

Consider purchasing:

• Over-the-counter medications like pain relievers, allergy meds, and cold/flu remedies
• Band-aids, gauze, and other wound-care supplies
• Sunscreen (yes, it's FSA-eligible!)
• Contact lens solution and cases
• Orthopedic inserts or supportive shoes
• Braces or supports for joints

Check your FSA portal or consult with your provider to see a full list of covered items and stock up for the months ahead.

Consider Larger Purchases for Health and Wellness

In addition to smaller everyday items, this can be a great time to purchase certain big-ticket items that you may have been putting off due to cost. Items such as blood pressure monitors, CPAP machines, breast pumps and supplies for new mothers, mobility aids like canes or walkers and other medical devices are FSA-eligible.

If your doctor has recommended medical equipment for at-home use, using FSA funds could help you save on these investments.

Think About Wellness and Pain Management

If you experience chronic pain or want to explore options like acupuncture, chiropractic visits, or physical therapy, FSA dollars may apply. These treatments can be beneficial for managing pain, improving mobility, and enhancing overall wellness, helping you make the most of your FSA funds with a wellness-focused approach.

Use FSA for Family Health Care Needs

Remember, your FSA can also cover the medical needs of eligible family members. Check your account to see if it includes spouse and dependent care, and use those funds for their eligible medical expenses as well. This is especially useful for families with children who may need end-of-year checkups or immunizations.

Don't Forget About Often-Overlooked Eligible Expenses

Your Flexible Spending Account (FSA) can be used for a wide range of health-related expenses that you might not have considered. Here are some frequently overlooked items that could help you make the most of your FSA dollars:

Travel Vaccines

If you're planning a trip, especially internationally, your FSA can be a valuable resource:

• Vaccines for diseases like yellow fever, typhoid, and hepatitis A are typically covered
• Even routine vaccinations like flu shots or tetanus boosters can be FSA-eligible if needed for travel
• Don't forget about malaria prophylaxis medications, which are often FSA-eligible

Smoking Cessation Programs

Quitting smoking is one of the best things you can do for your health, and your FSA can help:

• Over-the-counter nicotine replacement therapies like patches, gum, and lozenges are FSA-eligible
• Prescription medications to help you quit smoking are also covered
• Smoking cessation programs and counseling sessions are eligible expenses

Remember, quitting smoking can lead to significant health improvements. Within a month after quitting, your breathing becomes easier and coughing decreases. Within one to two years, your risk of heart attack drops sharply.

Fertility Treatments

For those looking to start or expand their family, FSAs can cover various fertility-related expenses:

• In vitro fertilization (IVF) treatments
• Fertility medications
• Egg and sperm freezing for medical reasons
• Fertility monitors and ovulation prediction kits

Alternative Therapies

Depending on your specific plan, your FSA might cover alternative treatments such as:

• Acupuncture sessions
• Chiropractic care
• Massage therapy (with a doctor's prescription for a specific medical condition)
• Nutritional counseling

Remember, while these items are generally FSA-eligible, it’s always best to check with your specific plan administrator or consult your plan documents to confirm coverage. Some plans may have restrictions or require a doctor’s prescription for certain items.

Keep Receipts and Document Expenses

To make sure you’re compliant with FSA regulations, keep receipts for all eligible purchases and medical visits. Some FSA providers require proof of expenses, and having documentation on hand will simplify the process if you’re ever asked to substantiate your spending.

Plan Ahead for Next Year

As you use up this year's funds, take note of your spending patterns. This can help you better estimate how much to contribute to your FSA for 2025.

Making the most of your FSA dollars takes a little planning but can go a long way in saving you money on health-related expenses. By using your funds wisely, you’re not only taking advantage of a valuable benefit but also investing in your health and wellness.

Have questions about what's covered under your specific FSA plan? Don't hesitate to reach out to your HR department or FSA administrator. They're there to help you make the most of your benefits.