FSAstore.com Issues Year-end Spending Tips to Help Millions of Consumers Avoid Losing Unused FSA Dollars

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December 31st marks significant deadline to spend or lose unused FSA dollars

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FSAstore.com provides a simple online solution to give people one-stop access to more than 4,000 FSA-eligible products, and a consumer Learning Center that is loaded with easy-to-understand information.”

December 31 is fast approaching, and for many of the nearly 30 million American households enrolled in a flexible spending account (FSA), this date represents the last day to spend down any unused FSA dollars or risk losing their hard-earned money. FSAstore.com is the largest online retail source for everything flex spending with zero guesswork. Today, the company released a list of the most common ways to spend FSA dollars, as well as some surprisingly eligible products.

An FSA is an employer-sponsored plan that allows individuals to contribute pre-tax income to a special account that can then be used to pay for an extensive list of eligible products and services. People who have the 12/31 deadline and fail to spend their FSA dollars risk forfeiting that money back to their employers.

“Our mission is to help millions of hard-working people across the country manage and use their FSAs,” said Jeremy Miller, CEO and founder of FSAstore.com. “Generally, people lose FSA funds because they don’t understand what expenses are eligible or what their deadlines are. FSAstore.com provides a simple online solution to give people one-stop access to more than 4,000 FSA-eligible products, and a consumer Learning Center that is loaded with easy-to-understand information.”

The FSAstore.com Learning Center is the web’s most comprehensive hub of FSA information with a complete list of more than 4,000 IRS-approved eligible products, expert columns about FSA eligibility and management, instructional videos, podcasts and 24/7 online support. Finally, account holders can maximize their yearly contributions with FSAstore.com’s helpful tools, including an FSA Calculator, personalized deadline reminders, and an RX Process to purchase over-the-counter medicines with FSA funds in accordance with IRS rules.

“When it comes to spending FSA dollars, most people turn to everyday items like Band-Aids, gauze and tape, or medication refills and last-minute medical visits,” said Ijeoma Iruke, consumer education specialist for FSAstore.com. “But what most people aren’t aware of is that there are thousands of FSA-eligible products that fit the everyday health needs of any age or lifestyle.”

5 Common Ways to Spend Down your FSA

Pain Relief and Treatment for Active Lifestyles – If you’re constantly chasing your next fitness goal, your FSA can help you push it even further. Whether you’re a gym rat or the outdoorsy type, you’re bound to run into an injury here and there, and tax-free funds can cover a huge amount of health necessities to keep you pain free and going strong, including:
Elastic bandages
Kinesiology tape
Orthopedic braces (back, knee, wrist, etc.)
Hot/cold packs
Outdoor first aid kits (Adventure Medical)
TENS machines
Orthopedic shoe insoles/inserts

Sun Care – As long as a sunscreen has broad spectrum protection and SPF 15+, it is eligible for FSA reimbursement. These include:
Sunscreen for babies, kids and adults (cream, stick, spray)
Sunscreen lip balm (SPF 15+ and broad spectrum)
High-end sun care (mineral sunscreen from brands like Vichy and La Roche-Posay)

Baby & Mom – FSAs are a fantastic way to save money for new moms and parents before AND after their child is born.
Prenatal vitamins
Breastfeeding supplies (pumps, storage bottles, breast pads)
Thermometers
Baby health and vitals monitors (Owlet, Snuza)
C-Section wraps
Nasal aspirators

Eye Care – Updating a prescription, getting a needed new pair of glasses or ordering a fresh supply of contacts is one of the most common ways to spend remaining FSA dollars.
Reading/prescription eyeglasses
Contact lenses and accessories (cases, solution, etc.)
Prescription sunglasses (restrictions apply)
Eyeglass repair/cleaning wipes
Eye exams

Cold and Flu Remedies/Seasonal Allergy Products: December is famous for cold and flu season, and FSA shoppers can also find non-medicated relief from sinus-related allergies.
Neti pots/nasal irrigation kits
Vaporizers
Saline sprays/wipes

3 Surprising Ways to Spend Down Your FSA

Condoms and other family planning products, like ovulation predictors, can be purchased with tax-free funds.
Smartphone-enabled health products including blood pressure monitors, pain relief devices, and more.
Light therapy acne treatments offer hi-tech, medical-grade skin treatment to the home user.

To make year-end spending even easier, FSAstore.com offers product Bundles, which feature FSA-eligible related products in one package. Bundles range in cost from $45 to $400 and include themes like Baby Care, Family Essentials, Pain Relief and Travel Essentials.

In addition to maximizing your FSA by exploring the wide variety of eligible products, experts at FSAstore.com also offer these simple tips for account holders at year’s end:

Keep track of deadlines
An FSA can feature a $500 Rollover Option, a Grace Period or a Run-out Period option – or none of the above. To learn more about deadlines, visit our YouTube page. And check with your FSA administrator to see if these deadlines apply to your account.

Be a smart spender
Use available funds in your FSA to cover medical services like office copays and deductibles, LASIK surgery, acupuncture, chiropractic, orthodontia, orthotics, and flu shots.

Reduce paperwork
If your employer offers an FSA debit card, use this option to reduce paper claims when it comes to eligible products. When using an FSA debit card on FSAstore.com, you significantly reduce your chance of having to supply documentation, as all products sold on the site are guaranteed FSA-eligible.

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

In an ever-shifting market, HSAstore.com is health savings, simplified. With the largest selection of guaranteed HSA-eligible products and easy-to-understand educational resources, the brand is here to maximize consumers’ long-term health savings and help ease the financial burden of medical needs should they arise.

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Sean Hanft
FSAstore.com
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