The FSA Deadline Is Coming. Here Are 12 Last-Minute Ways to Spend Your Dollars

If you have a flexible spending account (FSA) that you've hardly tapped into this year, you may only have until the end of the month to spend those use-it-or-lose-it dollars.

The good news: It's relatively easy to find FSA-eligible items. You can stock up on essentials or purchase stuff you were planning to buy anyway — and often get reimbursed.

FSAs are employer-sponsored plans that allow you to contribute pre-tax dollars to an account that can be used to pay for medical expenses. Workers often put money into FSAs with the intention to use it for deductibles and copays for medical care, dental care and prescriptions. But the list of things you can buy is actually quite long, and it includes some potentially unexpected items.

The doctor's office and the pharmacy aren't the only places to use your money, either. Major retailers like Target, Amazon and even Sephora sell FSA-eligible goods and have specific sections of their websites that show what you can purchase. (Keep in mind that although some stores accept FSA debit cards, others do not, meaning you'll have to save receipts and submit reimbursements. Apps like Silver can help with this.)

The typical deadline to use FSA funds is Dec. 31. This applies to nearly 70% FSA users, according to Rachel Rouleau, chief compliance officer at the FSA Store, which sells 2,500 eligible products and services. Rouleau said in an email that "utilization of [FSA] funds increases in the final weeks of the year" as the deadline approaches.

If you neglect an FSA, you could potentially lose your account balance. At stake is up to $3,200 (the maximum yearly contribution) or more if your employer contributes, as well. Each year, roughly $3 billion of unused FSA dollars go to waste.

Don't make this mistake. Here are 12 ways you can spend your balance before it expires.

Sunscreen

If a sunscreen is SPF 15 or higher and provides "broad-spectrum" protection, you can generally use your FSA dollars to pay for it.

Skincare

Some skincare items like face lotion are eligible based on their SPF protection. Many other over-the-counter products that treat common conditions like acne, eczema and psoriasis also meet the criteria.

Cold medicine

It never hurts to have some extra cold medicine in your cabinet, especially this time of year. Hundreds of over-the-counter drugs are eligible.

Bandages and ointments

Replenish your first-aid kit: With your FSA, you can save some money on products like Band-Aids and Neosporin.

Menstrual care products

As a result of the CARES Act, you can use FSA dollars to buy a range of menstrual care products including tampons, pads and period underwear.

Prescription sunglasses

Need a new pair of shades? You can use your FSA balance for prescription eyewear, including sunglasses.

Massage guns

Home massagers like Theraguns and Hyperice products are typically FSA-eligible. These products are designed to aid with sports recovery and provide relief from muscle soreness.

Workout classes

To use FSA dollars for gym memberships or workout classes, you'll need a letter of medical necessity. Companies like Dr. B offer online consultations, claiming to make it easy to meet that requirement. Letters of medical necessity are issued by doctors or practitioners to confirm there's a health-related purpose for goods or services.

Exercise bikes

Peloton has partnered with a company Truemed that advertises the ability to get a letter of medical necessity in about two minutes, allowing customers to buy the brand's indoor cycling equipment with their FSA dollars.

Wearable health tech

While smart watches from companies including Apple and Garmin are not eligible, some other wearable tech items — like Oura rings — do meet the requirements. According to the FSA Store, you may be able to use FSA dollars to buy devices like Fitbits if you get a letter of medical necessity.

Shoe inserts

Orthotics and insoles are often FSA-eligible. With a letter of medical necessity, you may also be able to buy orthopedic shoes.

Weight loss help

Prescription drugs for weight loss as well as telehealth services are potentially eligible as well as costs associated with weight-loss programs, if recommended by a doctor under certain conditions, according to the FSA Store.

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