When I signed up for my employer’s FSA during open enrollment, I planned on using the benefit to pay for medical, dental and vision expenses. However, there were 5 FSA eligible expenses that I didn’t know about and it blew my mind.
What is an FSA account?
A Flexible Spending Account (FSA) is a type of savings account that allows you to use tax-free dollars to pay for healthcare costs. There is also a dependent care FSA.
How much money can you contribute?
In 2021, you can contribute up to $2,750. Your employer can lower that limit. Check out this article from Fobes advisor, Kemberley Washington.
What I did know was covered (may vary per employer):
- Medical Copays
- Dental expenses
- Vision expenses (i.e. eyeglasses, contacts)
- Prescription Copays
- Over the Counter Medications
What I didn’t know was covered on (may vary per employer):
- Menstrual care products
- Chiropractic care
- Colon hydrotherapy
- Hand sanitizers
- Mileage (to/from appointments)
- Massage Therapy
- Acne treatments
- Lip balm
Places to use your FSA Card:
There are so many things that I didn’t know were covered and the most surprising of them all was massage therapy! Having a flexible spending account is definitely a form of self-care. One thing that I did learn is that I need to look at all of my projected expenses for the year and adjust my contribution. The money saved is “use it or lose it” and I can only carry over $550 dollars, so it would be a loss if I put aside too much.
Do you have a flexible spending account? Did anything on this list surprise you?