How Much Should I be Saving?
Which FSA plan year account will be used first during the run-out period—the new plan year election or the carryover amount from the current plan?
Any new plan year funds will pay first and the carryover funds will pay second. Employees get the best use of their funds by having the new plan year pay first, and the carryover funds pay second.
Who is a qualified dependent under the Dependent Care FSA?
- Dependent under the age of 13; or
- Dependent or spouse of employee who is mentally or physically disabled and whom the employee claims as a dependent on his or her Federal Income Tax return.
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16 things you had no idea you could purchase with your FSA
16 things you had no idea you could purchase with your FSA
January 29, 2019
![nuesynergy_weblaunchblog3](/wp-content/uploads/2021/09/3._news_for_you_6.png)
Because many FSAs have a “use-it-or-lose-it”” policy, at the end of each year users will lose any funds in the account that exceed $500. Using funds on these household products could prevent you from having unused funds and forfeiting them at the end of the year.
Items vary from first aid basics to personal care and while there are several, we’ve first listed 10 common products many people use that can be purchased with FSA funds. These items also don’t require a prescription from a doctor to be FSA-eligible.
Batteries
Lip balm
Reading glasses and contact lenses
Shoe insoles
Prenatal vitamins
Sunscreen
Thermometer
First Aid Kit
Hot/cold packs
Neck pillows
Local drug stores and pharmacies offer many of these products. There is also an online store with the above products, and many more, that are all FSA-eligible. You can make these purchases from your account without a prescription. As many individuals use these products regularly and will purchase them anyway, it becomes a perfect use of already allocated funds.
Purchasing these items is also a productive way to ensure you always have the supplies to maintain a healthy lifestyle. Many of these products assist with preventive care measures and encourage proactive self-care. Being proactive at home can help you save on medical costs in the future, which means your FSA is doing its job.
While the products listed above are frequently used by many Americans, there are other more specific medical items that are also FSA-eligible without a prescription. These 6 objects could be helpful for people with more specific medical conditions or needs.
Wheelchairs or other walking aids, such as crutches
Blood glucose monitors and testing strips
Compression socks
Blood pressure monitors
Motion sickness aids
Incontinence products
Braces (athletic or orthopedic)
Additionally, there are even more products that are FSA-eligible with a prescription from a doctor. To learn more about what is considered an FSA-eligible expense, you can revisit your NueSynergy FSA welcome kit or call us today at 855.890.7239.