If you have a flexible spending account (FSA), you know the drill: Use the funds before the end of the year, or lose them. Unfortunately, chances are slim you can pack the rest of the year with doctor's appointments. Does that mean your hard-earned funds go to waste? Definitely not. You can spend your remaining FSA funds on other qualifying healthcare costs. And what counts as "qualifying" might surprise you—for instance, you can use your FSA or HSA funds to get yourself a sweet new fitness tracker or smartwatch.
Many over-the-counter medications and health items are FSA-eligible, including pain relievers, cold medicine, bandages, dental care products, menstrual products, and more. Scan your medicine cabinet and make a list of anything you need to stock up on.
Spend your FSA on a smartwatch
Screenless recovery trackers like Whoop, Amazfit Helio Strap, and the Oura Ring can usually be justified as HSA/FSA eligible around sleep quality, HRV-based stress monitoring, or recovery tracking tied to a chronic condition. Similarly, smartwatches can qualify the same way a basic tracker does, as long as you can link a relevant documented health concern. For instance, Coros offers FSA/HSA eligibility for all its watches and heart rate monitors through its partnership with Truemed. Amazfit similarly lets you filter by HSA/FSA eligibility for its smartwatches.
Get ahead of your chronic conditions
Knee braces, wrist splints, compression socks, and other orthopedic items can help relieve chronic pain issues. Rather than wait for these issues to rear their heads down the line, use FSA money to offset the costs of these fixes now. If you use eyeglasses or contacts, consider using your FSA dollars to update or refresh your prescriptions. Don't forget to stock up on eye drops and lens solution, too.
The bottom line
However you choose to spend your FSA funds, don’t let that money go to waste. After all, it came out of your paycheck. Check in with your employer’s rules for any balance remaining on Dec. 31 this year, so you aren’t left forfeiting your hard-earned funds. You can find a complete list at the FSA store here.
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