FSA/HSA
If you have a flexible spending account or other health-related funds that expire annually, use it, don’t lose it! Restock supplies in your home, get an extra pair of glasses, and if there’s more, use it to help other people or stock up on over-the-counter medical supplies to donate supplies to charities.
How to do it:
Start by going through your medicine cabinet, identifying expired items and things needing refills or replacement. Stock up. Stock up family if they need OTC products, too. You can check to see what’s eligible here: https://www.fsafeds.gov/support/eligibleexpenses
If you still have a balance, buy OTC first aid products to donate to a shelter or other charity. If it’s a big balance, here are some resources for spending it quickly and consolidating receipts/records:
Things many FSAs (or HSAs) allow you to purchase (check your program for details.)
- Everything on the FSA store is eligible with most programs, or your money back.
- There is a similar HSA store with slightly different rules.
- Or use these handy lists to identify OTC products to buy locally. (Make sure you keep receipts and follow rules for your program!)
- Prescription glasses, sunglasses or contacts, including online. e.g. Warby-Parker
