You must be itching to spend these funds now that you’ve remembered they could be available, just remember to check your remaining balance beforehand. Since this is your hard-earned, tax-exempt money, you need to make sure that you're getting the most out of every penny.
When planning your purchases, don't just buy a kit with a handful of bandages, rather, do your research and identify the items that fit your needs and lifestyle. If you don’t know where to start looking for your FSA purchases, we’ve got your back by listing some great ideas on where you can use your tax-free dollar.
Home and Outdoor First Aid Kits
First aid kits are one of the most taken-for-granted items at home. Only thought about when they’re desperately needed and often missing necessary supplies. Most households rely on their medicine cabinets when treating or handling cuts and injuries but when it's a life-and-death situation, having a first aid kit within reach is imperative.
Look for kits that are FSA eligible and pay attention to the items included in the kit. It should have assorted medical supplies and offer provisions for treating backcountry injuries. The Surviveware Large First Aid Kit is FSA-approved and boasts 200 pieces of life-saving items. Thanks to its water-resistant, portable case, it comes in handy for all those outdoor adventures you’re planning for the new year.
Contact Lens Solution
Use your FSA money to stock up on contact lens solution. Varied and extreme weather conditions can dry out your eyes on backcountry excursions, so having a stash of lens solution is not only convenient, but practical.
FSA money can be used to purchase prescription glasses, contact lenses (not colored) and eyeglass repair kits. FSA and HSA accounts can also conveniently be used to pay for eye exams and eye surgery.
Pay for Medical Appointments
If you're planning to do some extreme winter hikes or outdoor sports next year, it’s a good idea to schedule a medical appointment. Strenuous activity is best enjoyed if you’re in top shape.
You might want to consider moving your appointment to this December if your FSA expires on 31 December. That way, your FSA and HSA funds can be used to pay for your consultation.
Purchase OTC Medications
Stockpile your over-the-counter medications like pain relievers, digestive support and allergy pills. If you intend to use your FSA to buy in bulk, check the expiry dates and choose those at least a year away from expiring.
Plan Prescription Renewals
For outdoorsmen who take regular medication, it's a good idea to renew your prescription ahead of schedule. Check to see if this is allowed on your policy before going ahead.
FSA funds are yours to spend. Don't let your hard-earned tax-exempt money go to waste. Review your remaining balance and put those dollars to use today.