It’s now or never: Use flexible spending account (FSA) funds now to avoid forfeiture to the December 31 deadline
FSA Store® highlights 10 unexpected and convenient ways to spend tax-free funds before the use-it-or-lose-it deadline
DALLAS, Dec. 27, 2024 /PRNewswire/ — It’s reported that roughly half of flexible spending account (FSA) users forfeit an average of $441 each year because they don’t spend down their FSA balance by their deadline, which for most people is December 31. To inspire the millions of people who are enrolled in FSAs and who may have unused FSA funds to spend in the next few days, FSA Store® is sharing 10 surprising and convenient last-minute FSA finds.
What is the FSA deadline? All FSAs have a deadline by which funds must be spent each year. The majority of employers that offer an FSA have a December 31 deadline, and anyone enrolled in the FSA may need to spend all funds by December 31 (with a few exceptions), otherwise unused funds will be forfeited. This December deadline is often referred to as the “use-it-or-lose-it deadline.”
10 surprising FSA purchases to make now:
- Dr Dennis Gross DRx SpectraLite™ FaceWare Pro. Perfect for all skin types, this wearable therapy device uses red and blue light to clear mild to moderate acne. It also prevents flare-ups, and calms redness while reducing inflammation to improve the skin.
- reVive Light Therapy Lux Collection dpl® IIa Skin Treatment Panel. Experience medical grade LED therapy and skin treatment. This panel uses blue light technology to destroy skin bacteria with additional infrared support for quick healing and recovery.
- WHOOP 4.0 Wearable Health & Activity Tracker. The WHOOP 4.0 Tracker monitors heart and respiratory rates, heart rate variability, temperature, oxygen levels, activities, sleep, and more.
- Illumine Ultrasonic Scaler – Caring Mill™ by Aura. Effectively reduces gum pain and promotes faster healing with precision scaling capabilities that remove plaque and tartar, helping to prevent gum disease and maintain overall oral health.
- dpl® Oral Care Light Therapy System. Targeted oral light therapy that uses infrared, blue, and red light to relieve pain/soreness in the teeth and gums, while increasing circulation, and enhancing gum health.
- Supergoop! Unseen Sunscreen. Invisible, award-winning sunscreen to protect your skin’s health from UV rays and blue light.
- WTHN Body Cupping Kit. Relieve muscle tension and body aches while increasing circulation, as suction from the cups gently lifts tissue to deliver a release.
- The Mark by Aletha Health: A Hip Flexor Release Tool. Eliminate bodily pain and muscle aches with the Mark, a hip-hook designed for precise targeting, deeper penetration, and better control, for effective muscle tension release and relief.
- Cure Hydrating Electrolyte Mix Pouch, Strawberry Kiwi, 14 ct. (2-Pack). Replenish hydration, electrolytes, and energy, with natural electrolytes from coconut water and pink Himalayan salt.
- HyperIce Normatec 3 Full-Body Bundle. Relieve muscle pain with this 3-set bundle. Featuring advanced compression technology for muscles in the hips, arms, legs in a convenient backpack for on-the-go recovery.
Important FSA deadline facts:
- While December 31 is the most common spending deadline for FSAs, this deadline can vary based on an employer’s plan year. Account holders should log in to their FSA online portal, if available, to verify their deadline, or check with their employer or FSA administrator.
- An employer may offer an FSA deadline extension, such as a partial carryover of unused funds (when an employer opts to allow employees to carry over a portion of unused FSA funds from one year to the next); a grace period (an extra 2.5 months after the plan year end date – typically March 15 – during which you can spend FSA funds from the previous year on new expenses); and/or a run-out period (a timeframe after your plan year – usually 90 days – during which you can still submit claims for reimbursement from the previous year). Deadline extensions are completely optional and are determined by the employer.
- Unlike other retailers, FSA Store processes all transactions at the time of purchase, not at the time of shipping, which helps ensure that funds are applied to 2024 FSA funds, not 2025.
About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store and HSA Store, online stores that serve the 70+ million consumers enrolled in pre-tax health and wellness accounts. The company also created Caring Mill™, a popular private-label line of health products through which a portion of every purchase is donated to the Children’s Health Fund. Since 2010, the Health-E Commerce brands have led the direct-to-consumer e-commerce market for exclusively pre-tax health and wellness benefits. Health-E Commerce plays an essential role in expanding product eligibility for important new categories within the list of eligible medical expenses.
Media Contact
Barbara Tabor, FSA Store, 651-230-9192, Barbara@taborpr.com, FSAstore.com
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SOURCE FSA Store; FSA Store
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