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5 Creative Ways to Spend your FSA

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5 Creative Ways to Spend your FSA

It’s December 31, the clock strikes midnight, everyone is cheering and ringing in the new year, when all of a sudden you realize you just gave the government all your FSA money. 

According to healthcare.gov a Flexible Spending Account (aka flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. Employers may make contributions to your FSA, but aren’t required to. 

via Nuesynergy

This sounds great right, and you're probably wondering what’s the catch. The catch is that the money is “use it or lose it”. Unless your employer provides a "grace period" of up to 2 ½ extra months to use the money or allows you to carry over up to $500 per year to use in the following year (healthcare.gov). 

Here are five creative ways to spend your FSA: 

Update your prescription glasses or sunglasses

Buy a breast feeding pump to gift or donate 
  • Have a friend that’s expecting or would like to get a jump start on the spirit of Christmas by making a charitable donation. A breast pump would sure cheer up someone’s day. 

  • Examples of local organizations you can reach out to are:

Stock up on OTC medications
  • Check with your individual employer or insurance company to find out which OTC (over-the-counter) medications can be purchased through FSA. 

  • Examples include diet/nutrition supplements, vitamins, cold remedies, pain management, sunscreen or oral hygiene care. 

  • If you type “FSA” into the search bar of an online pharmacy, it’ll pull up eligible items. 

Buy medical supplies for personal use or as gifts
Prepare care packages to donate to medical missions. 

Flower Club member, Claudia Torres, is a pharmacist, wife, and dog mom living in Miami. On her spare time, she runs and authors her lifestyle blog Mortar & Pastel.

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