Southwest Health

In between spending money for holiday shopping and expenses, there’s one account you should be happy to deplete! Your Flexible Spending Account (FSA) deadline is quickly approaching. FSA accounts work in a use-it-or-lose-it capacity, meaning if you don’t use all your FSA money, you will not have access to it in the new year. That means if you haven’t spent all the money in your FSA account or don’t have it allocated for spending within 2023, you should look for ways to spend your money!

If you’re unsure if you have an FSA or a Health Savings Account (HSA), ask your employer. An FSA is a special account your employer offers to allow you to set aside (pre-tax) for certain out-of-pocket healthcare-related costs. Some employers also contribute to an FSA but are not legally required to. These accounts have up to $3,050 contributed in 2023. If you haven’t been paying out of this account, you will have a significant amount of money to spend.

If you don’t have a plan for your FSA dollars, here are a few ways you can spend your hard-earned dollars. This is just a small example of how you can spend your money. For a more comprehensive list, check out FSAstore.com to see all eligible items.

• Existing Deductibles and Copays. If you have existing debt or bill you’ve been putting off, use your FSA dollars to pay it off.
• Over-the-Counter Medicines. Keep an eye out for expiration dates but fill your medicine cabinet with pain relievers, cold and flu medicines, and allergy medications.
• Medical Equipment. Prepare for the future with crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.
• Everyday Medicine Cabinet Items. Stock up on everyday medicine cabinet items like sunscreen, pain relievers, flu and cough medicine, skincare, and women’s menstrual products. You might not need them right now, but extra sunscreen, skincare, menstrual products, and vitamins can help you out in the future.
• Baby care Items. If you’re expecting a baby in the future, now is the time to stock up on necessary items like breast pumps, prenatal vitamins, and post-care items.
• Eyeglasses and Supplies. Glasses are a medical necessity for many members of your family. FSA funds can cover a wide range of products like eyeglass repair kits, cleaning kits, and accessories. Additionally, contacts and contact lens care products like solutions are also eligible.
• Smoking Cessation. Smoking cessation products like gum and patches can be purchased with an FSA account. Finally, quitting smoking may be the best thing you can do for your health in 2026, set yourself up for success this New Year!

Deadlines to use your FSA dollars may differ with different employers, but a best practice is to use before December 31.