If you're currently working on your FSA budget and are looking for ways to maximize your remaining funds before the year is out, here are some of the most commonly bought items that are now FSA and HSA eligible:
Cold and Flu Medication
Winter is almost here and with the chilly weather comes cold and flu season. With about 20% of the U.S. population getting infected each season, many employees will now benefit from these prescription meds being made accessible with FSA funds.
The cost of allergy products is estimated at $18 billion and with 30% of American adults and 40% of children suffering from allergies, relief can be found by spending FSA funds on antihistamines and decongestants.
Heartburn is one of the country's realized health issues and has now been included on the list of eligible products so stock up on antacids before year end with tax-exempt funds.
Pain Relief Medications
Post-workout muscle soreness, headaches, back pain, and sprains are commonly aided with OTC medications like non-steroidal anti-inflammatory drugs (NSAIDs) and acetaminophen. With these items now being FSA-eligible, you can save a huge chunk on pain meds.
With the CARES Act's passage last March 2020, menstrual products like tampons, menstrual cups, liners, and pads can be purchased with FSA money.
Use your FSA mobile app to scan the product's barcode to ensure that you're buying FSA and HSA eligible products or double-check with the store.
Take the time to plan before making any purchases and remember that these benefits are yours to spend until December 31.