FSAs: Unique Ways to Use Funds Before Losing Them
by Caroline Boyland December 14, 2022
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The B.E.N.E.F.I.T.S of FSAs
With the end of the year approaching, your employees might be sitting on an unused FSA balance. Since FSAs are “use em or lose em,” it’s important for employees to understand that if their balance isn’t spent in time, they might lose the money they’ve contributed.
Many employees typically use their FSAs for provider copays, prescriptions, and other health-related expenses — but if they don’t have healthcare expenses in the coming weeks, they’ll need to use their balance on other costs, or risk losing their investment.
Here at Nayya, we love benefits, and we love helping employees get the most out of their finances, so we made a fun BENEFITS acrostic poem to help you communicate to employees the different things they may not have realized they can spend their FSA dollars on.
B: Band-Aids: From heavy-duty bandages, to Finding Nemo themed band-aids for your toddler, you can use your FSA money to stock up on band-aids for you and your family.
E: Eye Care: Whether it’s eyedrops, eyeglass accessories, or even eye surgery, FSAs can support your vision needs before the year is up.
N: Nicotine Patches: If one of your New Years Resolutions is to quit smoking, this may be the perfect way for you to spend your FSA funds.
E: Ear Thermometers: Cold, flu, and Covid season is upon us, having a thermometer handy at home can help you monitor your family’s health throughout the season.
F: First Aid Kits: It never hurts (no pun intended) to have a first aid kit on hand. Stock up on first aid supplies for your home, car, or grab a travel kits for minor emergencies on-the-go.
I: Ibuprofen: If the constant holiday tunes and family gatherings are giving you a month-long headache, this might be the option for you. Just kidding (sort of).
T: Taxi fare / travel expenses to receive medical care: This is a unique one! If you or a loved one need medical attention and you don’t have a car, you can use your FSA expenses to cover medical related travel expenses (like the cab to the E.R. or urgent care).
S: Sunscreen: Despite the chilly weather, the sun is still strong! Stock up on sunscreen to combat the winter sun (or, to bring with you on your post holiday beach vacay) with your leftover FSA funds.
These are some great benefits you can use your FSA dollars on, but this is far from the exhaustive list! Employees can check out the government-provided FSA store to learn about all of the unique options that they can use their FSA funds to purchase before the year is up.
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