50 things you can buy with your FSA dollars before they expire — and 5 surprising things you can't

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  • An estimated $400 million in FSA funds was forfeited last year.
  • You can actually use the money you’ve contributed to your FSA to buy certain healthcare products the IRS has deemed eligible.
  • However, there are certain things like bug spray and tampons that you can’t buy pre-tax. 

For 2018 employees were allowed to put up to $2,650 in their FSA account, according to the IRS. These funds are use-it-or-lose-it. The IRS has allowed some employers to give their employees the chance to participate in a carryover option, which allows the rollover of up to $500, or a grace period option, which gives users two and a half months to finish up their dollars — but not both.  

If you’re not at a company that lets you push the deadline, there’s still time to use up what’s left in your account on things you actually use and will probably buy anyway. Think bandages, sunscreen, and baby wipes. You can even use it to pay for your prescriptions. The IRS decides which items are eligible and which ones aren’t based on what they’re each used for. 

Rather than joining millions of Americans who forfeit an estimated $400 million collectively, use your pre-tax money to stock up on things you need for the coming year. Here are 50 things under $40 the IRS says you can buy, and five surprising things you can’t. 

Lip balm with SPF $2.99
No prescription needed

Corn removers $3.79
Prescription required

Sunscreen for babies $4.29
No prescription needed

See the rest of the story at Business Insider
Source: Business insider

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