August is nearly upon us which means that back-to-school shopping is right around the corner. You may realize that you still have a large sum in your Flexible Spending Account (FSA) and its “use or lose it policy” has you considering how to make the most of your contributions. This is a great time to put your FSA dollars to good use.
Families may be asked to provide some basic first aid supplies at school, 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 shoppers can look is at FSAStore.com*, the only online retailer that exclusively stocks FSA-eligible products and services. Additionally, if you visit the website of a traditional retailer, like WalMart or Target, and search for “FSA,” the results include eligible items such as:
• First aid supplies (bandages, first aid kits, etc)
• Contact solution and cases
• Shoe inserts
• Orthopedic braces
If you are shopping in store, some retailers mark their products with an “FSA-approved” label to make it less confusing. There are many items that are FSA-eligible that you could be missing out on.
Aside from FSAs for medical expenses, there are also Dependent Care FSAs and Dependent Care Assistant Programs (DCAP) that parents and guardians can use to pay for day care or after school care expenses.
Don’t lose out on your FSA funds. Now is a good time to put those pre-taxable dollars to work for you.
*DataPath may be compensated for items bought through our partners.