Here’s my annual reminder (to myself, really) to get back all the money sent into Healthcare Flexible Spending Accounts (HC FSA) before it disappears forever. The maximum salary deduction limit is $2,700 for 2019. You can pick this during Open Enrollment season, but it can also be adjusted during “qualifying life events” like the birth of a child, marriage, or divorce.
Quick ideas. If you didn’t exhaust your funds with insurance copays or deductibles, here are eligible items that you can still buy over-the-counter without a prescription. Just order things online and then submit the receipt. Amazon even has a special FSA-eligible page that accept FSA/HSA debits, complete with an “under $25” and “little-known eligible items” section.
- Eye care (prescription glasses, prescription sunglasses, contact lenses, solution, drops). Ex.
- First aid supplies (bandages, gauze, tape) for emergency kits. Ex.
- Wheelchairs, walkers, & canes. Ex.
- Family planning products (condoms, birth control, pregnancy tests). Ex.
- Home testing aids (blood pressure, diabetes, thermometers). Ex.
- Sunscreen and sunblock (SPF 15+ broad spectrum). Ex.
- Defibrillators (AEDs). Ex.
Certain over-the-counter (OTC) items such as cough medicines, pain relievers, acid controllers, and diaper rash ointment require a prescription for reimbursement. This is an added hassle, but worth a quick ask if you have a doctor appointment anyway.
When getting a receipt, make sure it clearly includes the following:
- Date of service or purchase
- Name or description of the item
- Amount of purchase
Deadline extensions. Employers have the option of adding one of the following:
- Some plans allow a grace period until March 15th of the following year as opposed to a December 31st deadline to use your funds, but it may only apply to claims and not late purchases. Check with your employer.
- Some plans allow participants to carry over up to $500 in unused FSA funds into next year. Check with your employer.
Big, exhaustive lists. Some of these are searchable by keyword as well.
- , Federal Flexible Spending Account Program
- , an affiliate of Aetna.
- – Wageworks acquired Conexis.
- [pdf]
Finally, only your FSA administrator can provide you with the exact guidelines for reimbursement according to your plan. I learned this the hard way when our FSA administrator switched one year from in-house to Conexis (now since acquired by WageWorks). Wow, Conexis was a pain. I had to submit some claims three times before finally getting approved. If you count the time wasted, I probably lost money by participating in the FSA at all. The skeptic in me suspects that this bureaucratic nightmare is part of their business model. (Remember mail-in rebates?) Guess who gets to keep un-reimbursed FSA funds? The employer, which can then use the money to pay for… the FSA administrator.
p.s. If you have a Health Savings Account (HSA) and think you are ineligible for an FSA, look for a “limited-purpose FSA” option that is restricted to dental and vision care services. These have the same max annual salary deduction.
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