Treat yourself using your FSA before it expires in 2023
Published on December 13th, 2022
The Consolidated Appropriations Act (CAA) is set to expire at the end of 2022, with a significant amount of funds in flexible spending accounts (FSAs) also expected to expire. The CAA created temporary relief rules for FSAs, allowing benefit participants special considerations during an unprecedented time. This meant employers could choose to allow unlimited carryover of unspent FSA funds or an extended grace period for plan years ending in 2020 and 2021. As a result, consumers may have more funds in their FSAs than in a typical plan year, and they have likely become accustomed to their funds carrying over into the new year.
With just a short time to spend these funds, consumers may be wondering how they could take advantage of their remaining FSA amounts. The holidays are fast approaching, so it is a good time to purchase necessities for yourself and dependents—possibly as stocking stuffers or as a way to treat yourself and provide some self-care before the new year.
Here are some ideas of ways to treat yourself (and your dependents) using remaining FSA funds:
- New glasses
- Menstrual products
- OTC medications (cough syrup, pain reliever, etc.)
- Prescription medications like insulin
- Restocked first aid kits
- Eye exams or other checkup appointments (dental, medical, etc.)
- Chiropractic treatments
- Breastfeeding equipment
- Home medical devices
- Prescription sunglasses
- Contact lenses/solutions
- Pregnancy and fertility testing
- Birth control
- Home modifications for safety due to a medical condition
- Hand/Arm/Knee/Leg support items
- Nasal irrigation devices
- Blood pressure monitors
- Electronic thermometers
- Lip balm
- Deep muscle massager
- Weighted heating pad
It is important to note that all purchases must be made for members on the account and their dependents and must be for a reasonable consumable amount. For example, it would be plausible to purchase a bottle or two of Ibuprofen for your family, but a case of Ibuprofen likely would not be consumed within the plan year.
Learn more about the CAA’s expiration from our recent webinar.