Thrifty Thinking: FSA Funds

 Making wise financial decisions is a top priority for most, yet experts anticipate $1 billion in forfeited funds from employer-sponsored spending accounts on March 15, the newest record in the trending increase of cumulative losses for consumers. 

This year, as consumers navigate a complicated tax season, they must also contend with the expiring flexible spending account (FSA) deadline on March 15. If they don’t use it, they lose what is essentially free money. 

FSAstore.com, the first and leading online retailer dedicated exclusively to selling FSA-eligible items, reports that forfeitures are increasing annually, and cumulative losses are estimated to reach $1 billion in 2022. 

FSAstore.com has released tips to assist consumers in making smart money moves with their FSA before the March 15 grace period deadline and before temporary deadline and rollover extensions expire this year.

3 things FSA users should do to avoid forfeiting unused funds

1.     Check your balance and spend down funds. If you’re unsure whether you have a grace period or not, contact your human resources team or FSA administrator to confirm the details. Then, check out this list of eligible FSA expenses and learn how you can spend down remaining funds in meaningful ways.

2.     Maximize FSA contributions and reduce taxable income. Tools like FSA calculators can help you identify expenses you might incur for yourself and your dependents throughout the year. This makes it easier to budget and allocate tax-free healthcare dollars. 

3.     Use tax-free dollars for everyday health needs. Think beyond eyeglasses and exams when using FSA funds. You can use FSA dollars for products and services to manage specific health needs, from diabetes to high blood pressure to arthritis, or to purchase everyday items like acne-fighting face lotion, cold and allergy products, menstrual products, over-the-counter medications, and more.

 

Hot FSA-eligible buys for 2022

According to FSAstore.com, following are the Top 5 FSA-eligible products for 2022:

·        Aura Revive Heated Deep Muscle Pain Relief Device

·        dpl IIa Professional Acne Treatment Light Therapy

·        23andMe Health Service

·        Ultimate Foot Circulator with Remote

·        Dpl Oral Care Light Therapy System 

 

About FSAstore.com

FSAstore.com is flex spending with zero guesswork. It’s both the largest online marketplace for exclusively FSA-eligible products and an educational resource that you can actually understand. It’s the company's mission to help millions of FSA holders manage and use their accounts, and save on more than 4,000 health items using tax-free funds.

 

About Health-E Commerce

Health-E Commerce is the parent company of FSAstore.com, HSAstore.com and WellDeserved, a family of brands that serve the 60+ million consumers with pre-tax health and wellness accounts. The company has also created Caring Mill, a popular private-label line of health products that benefits Children’s Health Fund and enables customers to make a donation with each purchase. Since 2010, the company’s brands have led the direct-to-consumer e-commerce market for pre-tax health and wellness benefits. Health-E Commerce plays an essential role in expanding product eligibility for important new categories within the IRS-approved list of eligible medical expenses like sunscreen and breast pumps. The company leads a committee of industry experts to promote the important national conversation around product safety and authenticity.