How to Use Your HSA or FSA Funds Before the End of the Year
November 13 • 2024
As the end of the year approaches, it’s important to check in on your health benefits—especially if you have a Health Savings Account (HSA) or a Flexible Spending Account (FSA). These accounts are great for saving money on medical expenses by setting aside tax-free dollars, but there’s a catch: FSA funds typically expire at the end of the year. Here’s how you can make the most of your HSA or FSA before time runs out.
What’s the Difference Between an HSA and an FSA?
- HSA (Health Savings Account): This is a savings account that lets you put away pre-tax dollars for medical expenses. One of the biggest perks is that the funds in an HSA can roll over year after year, giving you more flexibility in when you spend them.
- FSA (Flexible Spending Account): This account also lets you save pre-tax dollars for healthcare expenses, but it’s typically “use it or lose it,” meaning most FSA funds expire at the end of the year. Some plans have a grace period or allow you to roll over a small amount, but for the most part, you’ll need to use those funds by December 31.
Ways to Use Your HSA or FSA Funds
If you’ve got funds left in your HSA or FSA, don’t worry—you have plenty of ways to put them to good use. Aylo Health can help you maximize your funds by offering a wide range of eligible medical services and products.
Schedule Appointments
You can use your HSA or FSA for routine medical appointments such as physicals, vaccinations, checkups, or screenings. Taking care of preventive health services now can help you stay on track with your health goals into the new year.
Cover Prescription Costs
Got a prescription you need to refill? Use your FSA or HSA funds to cover the cost of prescriptions and other eligible medications.
Stock Up on Eligible Health Products
Now’s the time to stock up on essential items that are eligible for FSA or HSA funds. This includes first aid kits, over-the-counter medications, sunscreen, thermometers, heating pads, or even allergy treatments. Check with your plan to see what’s covered.
Buy Glasses or Contact Lenses
Need new glasses, contact lenses, or contact solution? These are often eligible expenses under your FSA or HSA, and they can make a big difference in your daily life. Don’t let this opportunity pass you by.
Invest in Fitness and Wellness Products
Some FSA and HSA plans also allow you to use funds for fitness and wellness items like Oura rings, Fitbits, and other health-tracking devices. These products can help you monitor your health goals, track your physical activity, and improve your overall well-being.
Don’t Let Your Funds Go to Waste
The clock is ticking on your FSA, and it’s important not to let that hard-earned money go to waste. Whether you’re booking a checkup at Aylo Health, refilling prescriptions, or purchasing eligible health products, now is the time to act.
Schedule Your Appointment at Aylo Health
Aylo Health is here to help you make the most of your HSA or FSA funds before the year ends. Schedule an appointment with us today for a physical, vaccination, or other screenings, and make sure your health—and your funds—are in good shape as you head into the new year.