Year end FSA funds - TQs and first aid

[Nebowictz]

I’ve been needing to put together a few first aid kits for my shooting bags.

I hadn’t thought about it before but according to the tax code ANY first aid supplies, kits, etc are all eligible for using HSA and FSA funds. It’s Essentially 20% off immediately.

So if you have FSA money that runs out at the end of the year, put together an extra first aid kit and buy a couple extra tourniquets.

I have an old HSA that’s been slowly bleeding money from monthly fees. I’m gonna go ahead and use it to put together a few kits.

 

[REELDOC]

Be careful what you purchase on that account:
https://healthsavings.com/hsa/what-is-covered-by-an-hsa/

 

[Jerzsubbie]

Be careful what you purchase on that account:
https://healthsavings.com/hsa/what-is-covered-by-an-hsa/

Interesting. I was just talking to a friend about HSA/FSA last night. I didn’t realize that HSA’s don’t allow you to buy more basic stuff like OTC meds and first aid items.

 

[Nebowictz]

That is a very truncated list of examples.

According to the IRS publication any medical supplies or kits are covered.

Example from irs.gov:

“Bandages
You can include in medical expenses the cost of medical supplies such as bandages.”

First aid kits are covered.

 

[Jerzsubbie]

I see now.
https://fsastore.com/FSA-Eligibility-List/F/First-Aid-Kit-E311.aspx

 

[jimmyjames8]

I didnt see anything about first aid kits. My HSA rep said sort of tongue in cheek that I could use mine for just about anything except hair cuts and cigarettes. Didnt even think about eye glasses. I will definitely be getting new ones this year.

 

[Jp8819]

Its worth checking into I know my fsa provider threw work changed In last year or two and it use to be more relaxed and allow more over the counter meds but this last company they went with is tighter on what is approved so not as much is covered.

 

[Nebowictz]

Its worth checking into I know my fsa provider threw work changed In last year or two and it use to be more relaxed and allow more over the counter meds but this last company they went with is tighter on what is approved so not as much is covered.

Hmm I guess I have been lucky with my former FSAs (though now I only have HSAs) and never had issues with approvals.

If you have a restrictive provider it may be safer to purchase items thru someplace like the FSAstore site.

 

[Button Pusher]

If you are leaving your job for a new one or retirement, be sure to drain the spending account, even if you quit in January you can use up the total you elected to contribute that year.
Eyeglasses and prescription sunglasses if dental work.

 

[REELDOC]

When I retired I had several bucks left in my HSA, they used a bank America credit card. The HR rep said I could continue to use the card until the funds were used up. I've got an app on my phone that I check every time I want to use it.