Maximize Your Health Savings with FSA/HSA

Jan 11, 2023

As the end of the year approaches, it is important to make the most of your Flexible Spending Account (FSA) or Health Savings Account (HSA) funds if you elected to fund these accounts during your open enrollment period. These tax-advantaged accounts are designed to help you save money on healthcare expenses, and there are some surprising ways you can use these funds to support your well-being.

Understanding FSA and HSA

Before jumping into the products and services to use your FSA/HSA funds, let’s explore what these accounts are:

Flexible Spending Account (FSA): An FSA is an employer-sponsored account that allows you to set aside pre-tax dollars for eligible medical expenses. The funds must be used within the plan year, or you may lose them.

Health Savings Account (HSA): An HSA is available to individuals with high-deductible health plans. Contributions to an HSA are also made with pre-tax dollars, and unlike an FSA, the funds can roll over from year to year.

Surprising products and services covered

Sunscreen: Protecting skin from harmful UVA and UVB rays is important for your health. Many FSA/HSA plans cover sunscreen with a sun protection factor (SPF) of 30 or higher, helping you maintain healthy skin.

Acne Treatment: Acne products, including over-the-counter creams, cleansers, and prescription medications, are often eligible expenses. Clear skin can boost your confidence and overall well-being.

Therapeutic Massages and Massagers: If you have a medical condition that can benefit from massage therapy, such as chronic pain or stress-related issues, you may be surprised to learn that FSA/HSA funds can often be used for these treatments or for at-home physical therapy supplies.

Orthopedic Shoes: Foot pain can significantly impact your quality of life. Orthopedic shoes, inserts, and orthotics can be considered eligible expenses when prescribed by a healthcare professional.

Chiropractic Care: If you suffer from back or neck pain, chiropractic visits may be covered by your FSA/HSA. Regular adjustments can help alleviate pain and improve your overall health.

Menstrual Products: Feminine hygiene products like tampons, pads, and menstrual cups are often eligible expenses. Even select over-the-counter tests and medicines for women's health may be eligible expenses.This can help ease the financial burden of a monthly necessity.

First Aid Kits: Keeping a well-stocked first aid kit at home is a smart idea. Many items in a standard first aid kit, such as bandages, gauze, and adhesive tape, can be purchased using your FSA/HSA funds.

Blood Pressure Monitors: Monitoring your blood pressure regularly is crucial for maintaining cardiovascular health. Many FSA/HSA plans cover the cost of blood pressure monitors.

Mental Health Services: Your mental health is just as important as your physical health. Some FSA/HSA plans cover mental health services like therapy and counseling.

This is not intended to be an all-inclusive list of covered products and services for using FSA/HSA funds. Check with your employer or FSA/HSA provider for a list of products and services that may be covered.

Both FSA/HSA funds offer a wide range of eligible expenses, and some may surprise you with their coverage. From sunscreen to chiropractic care, these resources are designed to support your journey towards a healthier you.

*This article is intended for informational purposes only and should not substituted for medical advice. For medical questions and advice, it is always best to consult with your trained physician.

Sources:

Health Care Options, using a flexible spending account FSA. Health Care Options, Using a Flexible Spending Account FSA | HealthCare.gov. (n.d.). https://www.healthcare.gov/have-job-based-coverage/flexible-spending-accounts/

Publication 502 (2022), medical and dental expenses. Internal Revenue Service. (n.d.). https://www.irs.gov/publications/p502#en_US_2013_publink1000178885