August can be a busy month for many families getting back into their regular Back-to-School routine. But just as school supplies, new clothes, and sporting equipment are important to start off the new school year, so is planning ahead to use end-of-year Flexible Spending Account (FSA) funds. Use up the pre-tax benefit dollars by spending them on common health care expenses that come up in the fall. The FSA can provide a source of financial relief for the must-have items every family needs to stay healthy during the Back-to-School season.
Fall is one of the best times to get yearly checkups done and paid for by using FSA dollars. Check out a few below:
- Yearly & Sports Physicals – make it a habit to keep up these standard checkups for all family members. Keeping all members of the family healthy is important. For kids heading back to school or getting ready to play sports, these annual exams are necessary to assess their health and physical well-being, while building up their medical history and gathering the paperwork needed to ensure that they are up-to-date on state-required vaccines.
- Dental Exams & Orthodontia – taking good care of oral health is important, but can be expensive. Use FSA dollars to help alleviate the burden of paying for dental exams, braces, bridges, and other forms of orthodontia for growing kids.
- Eye Exams & Corrective Eyewear – another great checkup for all family members are eye exams. Having a hard time seeing can hinder a child’s learning or a parent’s work performance. Along with the eye exam, corrective eyewear, such as glasses or contact lenses, supplies and solutions, are available to purchase with FSA dollars.
Needing some last minute eligible expenses to purchase with FSA dollars? A few are listed below.
- Band-Aids – cover up all types of cuts and scrapes with FSA-eligible bandages (non-medicated).
- Allergy Relief – going Back-to-School may mean back to pesky allergy season. Grab relief in the form of tablets to sprays and throat lozenges. (Must be doctor prescribed).
- Wax for Braces – braces can be extremely uncomfortable, but buying wax for braces can help stop irritation.
- Thermometers – sick days are bound to happen, but stay on top of all family health issues this fall and winter with a preferred device.
- Acne Relief – acne is a major issue in the teen years. With a prescription, teenagers can fight those embarrassing, pesky breakouts.
- Copays – every time an appointment is made, whether it’s a physical, dental exam, or for an illness, use FSA funds to pay the copay.
Curious about what other items could be considered eligible expenses? Check out IRS Publication 502. For more information on the 125 Cafeteria Plan Flexible Spending Account, call BASE® at 1-888-386-9680.