Sure, we love shopping for gifts and the best deals, but we love spending our hard-earned FSA and HSA dollars even more.
Before 2023 ends, it’s a good idea to apply your use-it-or-lose-it funds. Aside from most doctor visits and prescribed medications, you can also use them online before January begins. Items like first-aid kits, blood pressure monitors, thermometers and more can be delivered to your door — or else, you won’t be able to redeem your stashed-away cash.
Additionally, it’s important to understand all the ins and outs of the FSA (flexible spending accounts) and HSA (health savings accounts) programs so you can shop smarter. That’s why we consulted an expert to talk all things FSA and HSA before the calendar year comes to a clsoe.
“You would be surprised at all the ways you can spend your FSA and HSA dollars,” Rachel Rouleau, chief compliance officer at Health E-Commerce, the parent brand to the FSA Store and HSA Store, told the New York Post. “The FSA Store and HSA Store carry more than 2,500 IRS-eligible products that people buy every day.”
Ahead, the New York Post pulled together the top items that are FSA- and HSA-eligible, along with notes on how the programs work and how to redeem your funds, in our in-depth FAQ section below.
Caring Mill by Aura Pain Relief Trio Bundle
The FSA Store is a wonderful destination to pick up FSA and HSA-eligible items, and the Caring Mill by Aura Pain Relief Trio Bundle is what we recommend. Though a splurge, it’s an investment in your health (and, what better way to make a high-ticket purchase when you can shuffle some pre-tax funds toward it?)
Vicks ComfortFlex Digital Thermometer
As one of the best thermometer brands we rounded up, Vicks is eligible for FSA and HSA redemption on Amazon. Its ComfortFlex Digital Thermometer is less than $15, is applauded by nearly 7,000 satisfied shoppers and holds one of the fastest temperature readings to make life easier.
Greater Goods Bluetooth Blood Pressure Monitor with Upper Arm Cuff
Invest in a quality blood pressure monitor if you don’t have one already with the Greater Goods Bluetooth Blood Pressure Monitor with Upper Arm Cuff. We recommend this model, specifically, because it features a meter with a large, easy-to-read display and comes with a tubing and device bag included with purchase.
Supergoop! Unseen Sunscreen SPF 40
Invest in a quality sunscreen that’s one of our personal favorites. We recommend the Supergoop! Unseen Sunscreen SPF 40 because it doesn’t leave a white cast, is both water- and sweat-resistant and can easily be tossed into your beach bag (or work tote, because you *should* be wearing SPF daily).
Waterpik Aquarius Water Flosser for Teeth
Meet one of our readers’ all-time favorite products: the Waterpik Aquarius Water Flosser for Teeth. Now, it’s on an incredible sale (and, helps to erase even more plaque than the standard toothbrush), so it’s even more worthy of the FSA and HSA pick-me-up.
For more options, check out our expert-backed guides to the best water flossers, electric toothbrushes and whitening toothpaste.
On/Go Rapid COVID-19 Self-Test Kit
Yes, at-home COVID tests are eligible for your FSA and HSA spend. Our favorite brand for quick-action results is On/Go Rapid COVID-19 Self-Test Kit. It’s incredibly simple to use and is less than $10 per each kit.
Jabra Enhance Select 100 Hearing Aids
Now’s the time to put your pre-tax dollars toward hearing aids if you’ve been shopping around for a quality pair. Based on our research, we recommend the Jabra Enhance Select 100 Hearing Aids, as they’re rechargeable and available in both basic and premium options.
Warby Parker Whalen Eyeglasses
We love our Warby Parker frames, and a pair we deem flattering on everyone is the Warby Parker Whalen Eyeglasses. Starting at $95, the brand allows you to upload your optometry prescription and they’ll ship directly to your door. It’s that easy!
For more options, check out our guide to the best eyeglasses and frames.
Welly Bravery Badge Value Pack | Adhesive Flexible Fabric Bandages (100-Count)
For only $10, put your FSA and HSA dollars toward the Welly Bravery Badge Value Pack | Adhesive Flexible Fabric Bandages (100-Count). You can never have too many, after all.
Well Before N95 Mask (10-Pack)
Stay protected with the Well Before N95 Mask (10-Pack) — one of our most recommended brands for face masks. This one features a sewn-in respirator for easier breathing, too. Plus, you’ll have a full bundle to keep on hand at all things.
Ohuhu Ice Packs for Injuries (2-Pack)
Stay prepared for inevitable injuries by purchasing the Ohuhu Ice Packs for Injuries (2-Pack). For less than $25 on Amazon, this brand is raved about by more than 1,000 satisfied shoppers and is one we’ve seen everywhere.
Medela Harmony Manual Breast Pump
If you’re on the hunt for a new breast pump, pick up the Medela Harmony Manual Breast Pump. This model, in particular, has racked up nearly 16,000 gleaming reviews and is single-hand-compatible for a more comfortable way to use it.
Always Infinity Feminine Pads (78-Count)
Stock up on your hygiene products with the Always Infinity Feminine Pads (78-Count). TMI (maybe?) but the brand is one of the most comfortable to wear and comes in a variety of variations for your best cycle yet.
For more options, check out our guide to the best period underwear.
Hero Cosmetics Mighty Patch Duo | Acne Pimple Patches (12-Count)
The Hero Cosmetics Mighty Patch Duo is one of the best pimple patches we’ve rounded up (and tried, simply because they work well and don’t irritate even sensitive skin). For less than $10, pick up a dozen of them to have on hand for those pesky, unwanted flare-ups.
Peter Thomas Roth Water Drench Hyaluronic Cloud Cream Hydrating Moisturizer
Yes, Peter Thomas Roth is FSA- and HSA-eligible this year (and we’re about to throw ourselves a party). If you have dry skin or simply are looking for a new refreshing moisturizer, the Peter Thomas Roth Water Drench Hyaluronic Cloud Cream Hydrating Moisturizer is available in small and large sizes for you to redeem pre-tax!
First Response Early Result Pregnancy Test (3-Count)
Stock up on pregnancy tests — but not just any. The First Response Early Result Pregnancy Test (3-Count) are recommended by more than 32,000 shoppers (and counting!) as they’re said to be more than 99% accurate and can be taken six days before your missed period.
Sharper Image Powerboost Deep Tissue Percussion Massager
For some quick-action relief, you can’t go wrong with a massage gun. The Sharper Image Powerboost Deep Tissue Percussion Massager is less than $100 and will be one of your best purchases to use your FSA or HSA dollars on by the end of the year — guaranteed.
23andMe Health + Ancestry Service: Personal Genetic DNA Test
We reviewed 23andMe and, we must say, it was (1) an insightful process and (2) allowed us to meet some long-lost family members from a different state! Not only is this a great investment for yourself but it also makes a quality gift for anyone on your list.
Sun Bum Tinted Lip Balm SPF 15
Using a lip balm with SPF is often forgotten, but don’t let it be in 2024. The Sun Bum Tinted Lip Balm SPF 15 is one of the most nourishing (and affordable) options to pick up and keep in your back pocket at all times.
Gold Bond Age Renew Strength & Resilience Lotion
If you’re on the hunt for a moisturizing body lotion that you’ll want to use on repeat post-shower, grab the Gold Bond Age Renew Strength & Resilience Lotion before the end of the year. We love how its formulation helps tighten the skin with consistent use, which is especially great to target anti-aging concerns.
Refresh Contact Lens Comfort Eye Drops
Grab top-rated eye drops ahead of 2024. The ones we recommend are the Refresh Contact Lens Comfort Eye Drops as they hail from a brand we trust and are moisture-rich to help combat dryness — especially for contacts wearers.
An FAQ on using FSA and HSA dollars
Ahead, Rouleau explains what to know about using your FSA and HSA dollars before 2023 ends — among other helpful tips.
What is FSA?
“An FSA is an employer-sponsored benefit that allows employees to set aside
pre-tax payroll dollars to pay for qualified medical expenses,” Rouleau said. “The IRS defines eligible expenses for FSAs, and the list includes a wide variety of medical products and services, including co-pays, costs associated with medical procedures, everyday health and wellness items and much more.”
How does FSA work?
“An FSA is a tax-advantaged spending account that allows eligible employees to set aside money from their pay before taxes to spend on qualified medical expenses,” Rouleau explained. “If an FSA holder incurs a qualifying medical expense, they can usually use an FSA debit card to access their funds to pay for it, or they can pay for it out of pocket and be reimbursed by submitting a claim after.”
An FSA is typically managed by a third-party administrator (which can be a company’s human resource department), and FSA holders often have access to keep track of their balances, deadlines and other important FSA information through an online account.
How are FSA funds eligible?
The IRS determines what is eligible. “In the past few years, Congress and the IRS have expanded eligibility, giving consumers even more flexibility to use their tax-free health care dollars for everyday health products and services,” Rouleau adds.
Not to mention, the FSA Store and HSA Store offer the industry’s most comprehensive, searchable eligibility list to make budgeting and spending tax-free dollars simple.
What is HSA?
An HSA is a health savings account,” Itamar Romanini, vice president and general manager of the HSA Store, told The Post. “This tax-advantaged account also allows individuals to set aside pre-tax payroll dollars into a special account that can be used throughout the year to pay for IRS-approved healthcare expenses.”
You must be enrolled in a qualified high-deductible health plan to open an HSA, either on your own or through your employer. HSA funds roll over from year to year and can be invested. HSAs offer a triple tax advantage: No tax going in, no tax on balance accumulation, and no tax when used for eligible expenses.
How does HSA work?
An individual can enroll in an HSA through their employer-sponsored benefits or on their own, as long as they are enrolled in a qualified high-deductible health plan, according to Romanini. Individuals may typically enroll in an HSA at any time, although expenses only become eligible once the account has actually been opened.
“The individual designates how much they want to contribute (based on the current IRS mandated contribution limits) and contributions can either be made through automated payroll deductions or manually by the individual as they are able to contribute,” Romanini explains. “Funds contributed outside of pre-tax payroll deductions may be deducted from taxes at tax time.”
To use HSA funds, the individual can use an HSA debit card (if available) or they can pay out of pocket for expenses and reimbursement themselves later.
How are HSA funds eligible?
HSAs may be used to pay for the same products and services that will qualify with an FSA, and the eligibility of those products and services is governed by the IRS.
How to redeem FSA and HSA dollars online
If ordering from an FSA- and HSA-eligible brand or retailer online, you can use a smart debit card connected to your account or pay providers directly through your online portal. You can also order as your normally would and submit receipts for reimbursement.
Be sure to check with your employer to understand which options your company prefers.
How have FSA and HSA eligibility changed in the past year?
“In recent years, Congress and the IRS have expanded eligibility, providing even more flexibility to spend tax-free dollars on products and services that consumers use every day,” Rouleau says. “From high-tech diagnostic and monitoring devices that support virtual care to acne and skincare products, menstrual care products, over-the-counter medications, and even holistic products and services like ear-seed kits and body cupping kits – FSA and HSA eligibility has evolved to support more health needs and lifestyles than ever before.”
What are the most popular items to use FSA and HSA dollars toward?
Most people think of co-pays, dental visits, elective procedures like Lasik, glasses or
contacts when they think of using an FSA or HSA,” Rouleau said. “However, an FSA can be used to purchase thousands of everyday healthcare items, so account holders can protect their health and well-being year-round.”
OTC medications are consistently a top seller, too, because these are products that everybody needs and uses, and that they buy regularly. “Other new, surprisingly eligible items include Byte Aligners, OTC hearing aids, high-tech pain relief devices and wheels, the Aura migraine device, and a podiatry device, to name a few,” Rouleau adds.
Here are some FSA- and HSA-eligible products to pick up:
- 23andMe, the DNA health service that’ll provide information on health predispositions, carrier status and wellness reports, while also connecting you to relatives (shop from Amazon; FSA Store)
- Eyeglasses and prescription sunglasses, especially our favorites from GlassesUSA, which is currently offering a buy one, get one free deal — so your FSA dollars won’t go to waste. Plus, Warby Parker also offers FSA-eligible shades.
- Menstrual care products (shop from Amazon; Target; FSA Store)
- First-aid supplies (shop from Amazon; Target; FSA Store)
- Over-the-counter medicines, like Tylenol, Claritin and Mucinex (shop from Amazon; Target; FSA Store)
- Sunscreens, like Supergoop, Sun Bum, Coppertone and Banana Boat (shop from Amazon; Target; FSA Store)
- Certain high-end skincare products, like acne treatment and more, from brands like Neutrogena, CeraVe, Aquaphor, Peter Thomas Roth, Vichy, and dpl (shop from Amazon; Target; FSA Store)
- Heating pads (shop from Amazon; Target; FSA Store)
- Sports/kinesiology tape (shop from Amazon; FSA Store)
- Medical diagnostic products and healthcare items (shop from Amazon; Target; FSA Store)
- A wide variety of mom-and-baby products, such as breast pumps and baby health supplies (shop from Amazon; Target; FSA Store)
- Thousands of “surprisingly eligible” products, such as high-tech pain-relieving devices, virus preparedness products like face masks and hand sanitizer, diagnostic products like thermometers and pulse oximeters and more.
What are this year’s FSA & HSA deadlines?
For HSAs, there are no spending deadlines. However, account holders who want to make contributions for the prior tax year, must do so by the tax filing deadline. For example, you can make a contribution for 2023 up until April 15 (the 2024 tax filing deadline). For FSAs, the primary deadlines are:
- December 31 plan year deadline. The majority of employers are still on a calendar year plan year, which means FSA funds have to be spent by December 31 each calendar year. Unspent funds may be forfeited, unless the employer offers one of the following extensions (all extensions are optional and an employer may only offer one of these):
- The March 15 grace period deadline. This is an optional deadline extension that an employer can offer that gives employees with a December 31 plan year deadline until March 15 of the following year (2024) to spend down funds from the prior year (2023). Like the carryover, this feature is optional for employers and account holders should check with their benefits department to confirm if this option is available to them.
- Carryover. Although this is not technically a deadline, an employer may allow employees to carryover a portion of unused FSA funds from one plan year to the next. The carryover amount for a 2023 FSA is up to $610 which may be carried over to the 2024 FSA plan. Any remaining funds exceeding this amount will be lost. The FSA carryover feature is optional for employers. Account holders should check with their benefits department to confirm if this option is available to them.
- Runout Period. The FSA runout period is an optional deadline extension that gives account holders up to three months following the last day of the plan year to continue to submit receipts and claims for qualified expenses that were incurred during the FSA plan year. For FSA participants with a plan year that ended on December 31, 2023, the last day of their FSA run-out period would be on March 31, 2024. These account holders have until March 31, 2024 to submit claims for expenses incurred by or before December 31, 2023.
How does inflation impact FSA and HSA?
Using an FSA or HSA to pay for healthcare expenses is an excellent way to fight inflation because you are using tax-free dollars.
“The money you contribute to an FSA or HSA decreases your taxable income, plus there is no tax or penalty to withdraw that money for eligible expenses,” Rouleau says. “Depending on your tax bracket, consumers can save up to 30% (or more) on everyday healthcare needs by using FSA or HSA funds.”
Are COVID tests FSA and HSA eligible.
Yes, as of Sept. 2021, the Internal Revenue Service (IRS) announced COVID tests as an “eligible medical expense” that can be paid reimbursed under health flexible spending arrangements (health FSAs) and health savings accounts (HSAs).
How can I redeem FSA and HSA dollars on Amazon?
Aside from the FSA Store, you can also redeem your leftover FSA or HSA dollars on Amazon. To redeem, place your order on amazon.com/fsa and submit your invoice to your benefit administrator for reimbursement.
Check out the New York Post Shopping section for more content.