If you have money sitting in your 2021 Flexible Spending Account, more commonly referred to as an FSA, you should know this: If you don't spend it by 2022, the money in your account will go "poof!" and disappear forever.
What exactly is an FSA anyway? It’s a tax-deductible benefit, offered by many employers, that allows you to save money to pay for out-of-pocket health care expenses not covered by your insurance plan, such as copays and cold medicine.
How it works is simple: you can opt to have money taken out of your paycheck before taxes and put into a reserve available to tap into any time throughout the year. However, there is a catch. “FSA funds are ‘use it or lose it,’” explains Trae Bodge, Smart Shopping Expert at Truetrae.com. “This means that you have to use the money by the deadline. Some expire on December 31 but yours might have a grace period through March 15.”
Luckily, there are lots of items you can purchase with your FSA dollars, according to Bodge, ranging from first aid items to skincare essentials. Since time is of the essence, The Doctors has compiled a list of FSA eligible products straight from the FSA Store, ranging from healthcare necessities like infrared thermometers and EKG monitors to dermatologist-approved skincare items and sunscreen just in time for summer.