How to Spend Leftover FSA and HSA Funds

How to Spend Leftover FSA and HSA Funds

The end of the year is approaching fast and time is running out to spend any leftover money remaining in your Flexible Savings Account (FSA).

Thinking of ways to avoid wasting your FSA money may seem confusing, but fortunately there are plenty of ways to spend FSA and HSA funds beyond the obvious medical co-pays. Here’s a run-down of the common — and perhaps surprising — uses for FSA/HSA funds approved by the IRS.

• Vision care, contact lenses and eyeglasses.
• Dental care, false teeth and supplies.
• Treatment for addiction and smoking cessation.
• Prescription medicines.
• Medical procedures.
• Acupuncture, chiropractor, physical therapy and psychiatric services.
• Men’s health treatments and pharmaceuticals.

Some FSA and HSA-eligible items first require a ‘letter of medical necessity’ provided by your doctor, others need a prescription. Always check with your insurance provider and doctor before buying. Then make sure you collect itemized receipts for any eligible purchases to guarantee reimbursement from your insurance provider.

Want to pay for men’s health treatment with FSA money? Check with your insurance company to see if our treatments are eligible for FSA usage and payment.