Across the nation, school has started (or is about to start) for many kids and college students! For Flexible Spending Account (FSA) holders, now is a great time to make the most of their tax-free contributions. The great news is that back-to-school shopping is perfect for putting your FSA dollars to good use.
Some schools ask families to provide basic first aid supplies, or it may be a good time to buy a new thermometer, or you have an active child who is involved in sports. Never fear, identifying eligible products is getting easier.
One place consumers can shop is at FSAStore.com, the only online retailer that exclusively stocks FSA-eligible products and services. Additionally, you can find Flexible Spending Account products through the websites of traditional retailers like Walmart or Target. Conduct a search for “FSA” and the results include eligible items such as:
- Allergy medications
- First aid supplies (bandages, first aid kits, etc)
- Thermometers
- Acne treatments
- Lice removal supplies
- Contact lenses, solution and cases
- Glasses, both prescription and reading
- Sunscreen
- Saline solutions
- Shoe inserts
- Orthopedic braces
(Some items may require a doctor’s prescription.)
You may also be able to find labeled products when you’re shopping in store with an “FSA-approved” label.
Approved medical supplies aside, many families also schedule vaccinations, eye exams and dental treatments (all of which are FSA-eligible) as part of their school year preparation. There are also Dependent Care Flexible Spending Accounts and Dependent Care Assistant Programs (DCAP) that parents and guardians can use to pay for day care or after school care expenses for their little ones.
Clearly, there are a variety of ways to make the most of FSA funds. Now is a good time to put those pre-taxable dollars to work, so don’t wait until the end of the year to take advantage of your benefits!