(NewsUSA) - The end of the year is a scramble, and it's particularly stressful this year for the millions of Americans enrolled in flexible spending accounts (FSAs) who need to spend down account funds by December 31 or risk forfeiting those dollars back to their employers.
As the deadline rapidly approaches, FSAstore.com, the largest online retail source for everything flex spending with zero guesswork, is lending a hand to help consumers maximize the potential of their healthcare benefits.
What is an FSA?
An FSA is an employer-sponsored account that allows individuals to contribute pre-tax income to a tax-advantaged account that they can use throughout the year to pay for an extensive list of approved medical products and services (also known as eligible expenses).
The COVID-19 pandemic has changed how American families use their FSAs. According to a recent FSAstore.com survey, more than 50% of account holders will have more FSA funds to spend this deadline period than in previous years. That means an end-of-year plan is especially important this year.
10 Ways to Spend Down Your Remaining FSA Funds
According to FSAstore.com, here are 10 popular ways to spend remaining funds before December 31:
1. Get a flu shot. The CDC provides a great rundown on what families should know.
2. Upgrade everyday medical supplies, such as thermometers, heating pads, and steam inhalers.
3. Plan ahead with at-home COVID-19 test kits and make holiday travel and gatherings safer.
4. Newly Eligible for 2020: Buy over-the-counter medications such as ibuprofen, acetaminophen, and cold and allergy treatments, which became fully eligible in 2020.
5. Newly Eligible for 2020: Replenish your supply of menstrual care products such as tampons, pads, period underwear, and more, which also became eligible for the first time ever this year.
6. Get an eye exam or new eyewear. Contacts, prescription glasses and prescription sunglasses are covered.
7. Buy everyday essentials that support your personal health and lifestyle. Things like athletic tape and braces for the sports lover; first-aid kits for the outdoor enthusiast; mom-and-baby bundles for expectant or new parents; and sun and skin care for warm weather travel are all eligible.
8. Manage your health with high-tech health devices, such as smartphone-enabled blood pressure monitors, pulse oximeters, pain relief devices, baby health monitors, and more.
9. Boost well-being and preventive care measures with drug-free pain relief products and devices, light-therapy acne treatments, and preventive care items.
10. Save time by shopping FSAstore.com's product bundles, which feature health essentials in one package. Bundles range in cost from $45 to $400 and include things such as a Baby Care Bundle, Family Essentials, Pain Relief, and Travel Essentials.
With 2020 coming to a close, it may be time to "use-it-or-lose-it." Shop FSAstore.com, the web's largest selection of eligible products to turn those excess funds into 2021's first success story.