
In our effort to spread some holiday cheer, we want to remind those with flexible spending accounts (FSAs) of the great health and wellness products you can purchase with tax-free FSA funds. As 2020 wraps up, any FSA dollars left in your account will need to be spent, or you could possibly lose them when your company’s benefits plan year ends. While many employers offer the chance to roll over a certain amount of leftover FSA funds, if there are eligible health care products you need or want, we recommend buying now!
We did a little window shopping—virtually of course—and found our top picks for the “12 Days of Savings” to offer some inspiration! Take a look at our list if you have an FSA—or a health savings account (HSA) or health reimbursement arrangement (HRA)*. Getting health and wellness goodies with those untaxed dollars is a pretty great perk. To end the year on a merry note, get your dose of holiday spirit with a health care shopping spree to make sure you and your loved ones can stay healthy in the new year!
* While these savings also apply to HSA account holders, as well as HRA account holders—depending on the type of HRA plan/plan design they have—this list will focus on FSA savings since those funds may not roll over into the new plan year and should be used sooner than later!
While the holidays may not bring health care products to mind, this is the time of year when spending down FSA balances is important! The items featured in our 12 Days of Savings are just examples of some of the great products you can find in the FSA Store, and we think they are a bit more practical than gifting loved ones, oh, say, twelve lords a leaping or a partridge in a pear tree. We hope these reminders can help you to make the most of your tax-advantaged accounts while supporting your health and wellness needs!
Happy Holidays!
About the Author: Diana Bauza is a content writer based in the Greater Philadelphia area. She writes about products and services in the health and technology industries, with the goal of empowering consumers with quality information to help them make decisions that best serve their needs.