8 Ways You Never Knew You Could Use Your FSA Dollars In 2022
Have you already started fretting over the year-end conundrum of “Gotta use it or I will lose it”??? Are you losing sleep over the dilemma of “How do I spend my leftover FSA money”? Every year you plan the FSA dollar amount based on probabilities of a certain number of sick visits to the doctors for family, broken frames replacements especially if you have little ones who use eyeglasses, maybe even account for a possible root canal for a cavity that keeps coming back bigger every time. Then Murphy’s Law kicks in. Just because you had planned for it, the good health fairy is generous to your family and you never make those extra visits to the doctors, there are no fluke accidents resulting in broken eyeglasses. And you have the best dental health year you have had in years! All that is truly wonderful, except now all the money you thought you would be saving in taxes, is actually going to become more money that you will be losing because you never used your FSA dollars.
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IRS rules about Flexible Spending Account states that all the money left in the FSA account is forfeited after the plan year ends or after the run-out period (extra time to submit reimbursement receipts of expenses made during the plan period). So if you have a big chunk of money still sitting in that FSA account, you just have a few weeks left in the year to spend your FSA money before it disappears…poof! But that is not fair! Especially when there are so many FSA-eligible products you could definitely use, which this pretax money can buy for you now before it is lost in the black hole of unspent FSA dollars.
What can you buy with your FSA Funds?
Here are 8 ways of spending your health care FSA funds that you probably never thought of:
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