You bought new eyeglasses, squeaked in a dental appointment and stocked up on over-the-counter drugs. But if there’s still money in your Flexible Spending Account (FSA), you better spend those pretax dollars quickly before they disappear.
That’s why we’ve rounded up a quick and easy list of products available in the FSA Store, which offers more than 4,000 items that are guaranteed FSA eligible or your money back. (A tip: Sign up for the site’s mailing list for $20 off your first purchase.)
And right now, you can save even more using these CNN-exclusive codes. We’ll be updating these codes throughout the week with daily codes, so keep checking in.
If you’re not sure exactly what an FSA is and why it’s important that you spend your pretax dollars, we’ve got you covered with a quick guide.
A flexible spending account (FSA) is offered through many employer benefit plans, and allows you to set aside pretax money for eligible health care-related, out-of-pocket expenses for you, your spouse and dependents.
With each paycheck you receive, a certain amount of money is put aside before taxes. This pretax money is for FSA spending, and is meant to be used on eligible health care expenses throughout the year. While the specific amount differs depending on your tax bracket, there are calculators available to help you estimate your savings amount.
Most FSA participants are part of a “use it or lose it” plan, which states that all the money left in your account by the end of the year must be forfeited. The unused amount left in your account can’t be paid out to you in any other way, and you can’t transfer money to any other FSA. So it’s important to keep in mind the annual Dec. 31 date.
The good news is that many employers provide a grace period of up to 2 1/2 months into the new year for you to use the money, giving you until March 15 to spend it all. But you’ll want to check with your employer, because grace periods can be shorter.
Common purchases include everyday health care products like bandages, thermometers and glasses. Everything from medical expenses that aren’t covered by a health plan (like deductibles and co-pays to dependent day care) and over-the-counter medication can also be eligible.
The downside is that the specifics of what you can spend your FSA dollars on depend on the plan your employer has in place. The upside? You can skip the extensive research by shopping at the FSA Store.
So rather than watch that hard-earned money simpl