7 Surprising Items You Can Buy with Your FSA Dollars
Employees forfeit approximately three billion dollars in Flexible Savings Account (FSA) contributions each year. According to the Employee Benefit Research Institute, 40% of employees give up some portion of their FSA contributions, losing approximately $300 to $400 dollars. For many employees, the FSA spending deadline is December 31st. If you still have money left in your FSA and are faced with a year-end deadline, now is the time to spend your FSA dollars.
What can FSA dollars purchase? Before purchasing anything, make sure view your specific plan’s guidelines, as some employers offer limited use plans. Assuming you have a general FSA, there are a wide range of eligible products. Here are some of the more surprising items you can buy with FSA dollars:
1. Genetic testing.
Yes, genetic testing that provides a health report may be a legitimate option for your FSA dollars. So, find out to whom you are related and see if your DNA is connected to any health problems.
2. Massage guns.
Massage guns, like the Theragun brand, can provide muscle relief, speed up recovery, and increase blood flow. Therefore, massage guns are often eligible expenses.
3. Foam rollers.
For similar reasons as massage guns, foam rollers are also often eligible for FSA dollars. So, are you a runner? Now may be the time to purchase a new foam roller.
4. Shoe inserts.
Shoes inserts that are used for orthopedic purposes are generally eligible for FSA dollars.
Yes, orthodontic work, like Invisalign, is generally an FSA-eligible expense. So, if you have been on the fence about straightening your teeth, now may be a good time to take the jump.
6. Acupressure items.
Yes, acupressure items are generally considered eligible expenses for the same reasons as massage guns and foam rollers.
Don’t wait until the summer to load up on sunscreen. Yes, sunscreen is usually an eligible expense. So, stock up now.
Finding products on which you can spend your FSA dollars has never been easier. Many stores and pharmacies now have sites or filters that can help you identify FSA eligible items. As an example, both Walgreens and CVS have product pages dedicated to FSA eligible items. FSAstore.com is a site entirely dedicated to FSA eligible expenses. There are no excuses for unused FSA dollars. Spend the money before it goes back to your employer.