The end of 2022 is coming up fast. If you have a medical flexible spending account (FSA), you may only have a few weeks left to spend any unused funds.
Unsure what qualifies as an eligible FSA expense? Read on for some ways you can use money in your FSA before 2022 is over. You might be surprised at what counts as an eligible expense!
Deductibles, Copayments, and Coinsurance
It’s time to schedule those doctor and dentist appointments you’ve been putting off all year, and use your FSA funds to cover your copays, coinsurance, or deductible.
Schedule a vision exam, get a new pair of eyeglasses or sunglasses, and/or stock up on contact lenses or contact lens solution. Buy those hearing aids you know you need, and batteries to keep them running. Fill your prescriptions before the year ends.
But that’s just a start! Keep reading for more FSA-eligible products and services.
More Ways to Use Up Your FSA Balance
You can find a complete list of qualified expenses at IRS.gov. Below are a few examples of items and services eligible for reimbursement from your FSA.
- Acne medicine
- Alcoholism treatment
- Bandages and similar medical supplies
- Blood pressure monitors
- Braille books and magazines
- Breast pumps and lactation supplies
- Breast reconstruction surgery following a mastectomy
- Childbirth classes, including Lamaze
- Chiropractic office visits and treatment
- Diagnostic devices
- Dyslexia treatment
- Guide dogs or other service animals
- Heart rate monitors
- Infertility treatment
- Insulin, blood glucose test strips, and associated equipment
- Laboratory testing fees
- Lead-based paint removal
- Learning disability treatments
- Menstrual products
- Nursing services
- Over-the-counter medications like pain relievers, allergy relief, and cold medicine
- Pregnancy tests kits
- Psychiatric care and psychoanalysis
- Removal of benign moles, cysts, and tumors
- Smoking cessation products and programs
- Special telephone equipment for people who are deaf, hard of hearing, or have a speech disability
- Sterilization, e.g., a vasectomy or tubal ligation
- Substance use disorder treatment
- Transportation for medical services
- Viagra (prescription)
- Weight loss programs or counseling (prescription)
- Wheelchairs and repairs
You can find a lot of eligible products and services at ibx.com. Simply log at ibx.com, access your spending account, and click the link to the FSA Store at the top right of the screen on your personal dashboard.
Don’t let your FSA balance go to waste…It’s your money, and it is pre-tax; it doesn’t make sense not to use it.
- You may have until March 31 to submit FSA expenses incurred in 2022. This run-out period allows you some time to pull together all your receipts and submit them. Or, you may have a grace period that extends the time you have to use your FSA funds after the end of the plan year. You may also have the option to carry over funds into the next plan year. Check with your employer or plan sponsor to confirm your specific FSA rules.
- You can use your medical FSA for eligible expenses for you and your eligible dependents. Eligible dependents include any person you claim as a dependent for federal income tax purposes.