With the first month of the new year almost over, how are you doing? Whether you’re on the “new year, new you” bandwagon or you fell off, did you know your Flexible Spending Account can help you save money and meet your goals? That’s right – use your pre-tax account on FSA eligible products – and enjoy the perks of paying less for items to help keep you healthy.
Here are five cool FSA eligible products:
- Qardio Arm wireless blood pressure monitor
- acuPressure foot mat
- Quell sports electrodes
- KT tape recovery and patch
- Nice stretch total solution plantar fasciitis relief kit
Tools to Determine FSA Eligible Products
If shopping online isn’t your thing, no sweat. There’s thousands of FSA eligible items you can purchase at local stores and providers. If you’re unsure if an item is an FSA eligible product, check out our product eligibility scanner – EZ Scan. With EZ Scan, you can determine if a product is eligible right from our mobile app.
Planning Ahead for Next Year
If you exhausted your funds already, or you didn’t set aside enough money in your account, keep this in mind for next Open Enrollment. You’ll have an opportunity to re-enroll in the FSA towards the end of the plan year and before your plan renews. But, keep in mind you don’t want funds to go unused either. There is an IRS Use or Lose Rule with FSAs where unspent funds are forfeited at the end of the plan year – unless your employer offers a grace period or carry forward provision, which allows you to use your funds beyond the plan year. Check with your employer to see if your plan offers these provisions.
As you make your way through the next year, we wish you the best of luck on all of your goals. You’ve got this!
“Always bear in mind that your own resolution to succeed is more important than any other.” – Abraham Lincoln