Flex spending accounts (FSAs) can offer a lot of freedom in how we pay for health care, but many people don't realize that not all of the money in the account can be carried over to the following year. Many employers only allow $500 to be carried over annually, which means that if you don't spend your money, you could lose out on it.
FSA money can be used for many qualified purchases. Here are seven ways to get the most out of your FSA spending money before the end of the year.1) Genetic Testing
Many FSA plans now reimburse for genetic testing. Products like the Health and Wellness genetic test offered by AGScan provide answers of the best exercises, food choices and even vitamin supplementation for someone based on their own genetic code. Other tests can include tests on medication sensitivity, BRCA1 and 2 testing and more. Many of these tests which used to be very expensive can now be performed for less than $200. Check with your company for eligibility.
2) Household Medical Supplies
Prepare for the worst, but hope for the best. Use your FSA to stock up on household medical supplies, including first-aid kit materials, and more. Check out the FSA Store for a large selection of FSA-eligible products.
3) Prescription Medications and Vitamins
Take the opportunity to stock up on needed medications, and some vitamin supplements and digestive care products are also considered medical supplies by certain providers. If you're trying to determine what supplements can benefit you, AGS' health and wellness tests can provide insight that only your unique genetics can offer.
4) Baby Supplies
It often feels like it takes the income of an entire village to raise a child, but some of these costs can be offset by pre-tax FSA money. Use your funds to buy diapers, medications, and other eligible baby-care products.
5) Commuter Costs
Don't forget to save receipts for transportation/parking when going to and from health care providers and pharmacies. Send in those receipts to receive the reimbursements for eligible costs.
6) Contact lenses
Contact lenses and solutions are things we often take for granted until we wake one day with itchy eyes and no fresh lenses. If you have some money in your FSA, take the opportunity to stock up your supply before they're gone and your stuck searching for the last place you left your glasses.
7) Inspect the unexpected
There are many products eligible for FSA money that most people wouldn't expect (or realize they could benefit from). Orthopedic inserts and ice packs for those with back pain; body creams and lotions for people with dry skin; nicotine patches for the man or woman looking to quit smoking. Do some reading to find how your money can improve your quality of life.
Learn more about Health & Wellness Genetic testing. Download the free brochure and become better informed. If your FSA plan allows it, and you have money to spend before the end of the year, consider a test that can give you a healthy path forward going into the next year.