Healthcare Savings: Use It, Don’t Lose It Before the Dec 31 Deadline (via BlueWillow Biologics)

PR Newswire

NEW YORK, Dec. 17, 2020 /PRNewswire/ -- Have you checked your flexible spending account (FSA) or health savings account (HSA) account lately? If, like so many of us, you've been avoiding doctor's visits because of the pandemic, you probably have more money in your account than you typically do at this time of year. If you have an HSA, there's no rush to use those funds, but FSA funds are "use it or lose it," meaning that you have to use the money by the deadline. Some expire on December 31, 2020, while others have a grace period through March 15, 2021.

If your funds expire this year, it's time to make your move and do some shopping, suggests personal finance and smart shopping expert, Trae Bodge (Note that some items will require a doctor's note.)

What you need for the season
It's cold and flu season, and, sadly, COVID-19 is still with us. Use your healthcare savings dollars to stock up on health supplies for the months ahead. Here are a few ideas:

Think about things you might need if you or a family member fall ill, like a really good thermometer, a pulse oximeter, an air purifier, or a personal steam inhaler.
Then there are preventative items, like face masks, sanitizers and other PPE. New and relevant to look for this year are OTC nasal antiseptics like NanoBio^® Protect, proven to kill 99.99% of infection-causing germs on contact for up to 8 hours after application. It's alcohol-free and moisturizing, making it a great layer of protection for the whole family.
At-home COVID tests are another great option. Handy first aid items, like bandages, cold packs, and heating pads are a good choice, as are other OTC medications, like pain relievers, allergy medicine, cold medicine, and digestive aids.
Depending on where you live, you may be out and about less than usual due to winter, so if you have a chronic disorder, make sure you have the supplies you need to care for yourself at home, like home medical equipment and diabetes-care items. Alternatively, if you live in a sunny area, you can stockpile some SPF products, too.
It might also be a good time to get an eye exam and order a new pair of glasses or enough contact lenses to last the winter.

Helpful resources
Where to get these supplies? You can buy eligible items at your healthcare provider's office as well as the pharmacy and select big box stores. After you make a purchase, your receipt might even indicate that what you have just bought is eligible. If online shopping is more your thing, Amazon has a page dedicated to FSA- and HSA-eligible items and you can enter your FSA or HSA debit card to shop with. Similarly, you can use your FSA or HSA cards on FSAStore.com, where you'll find themed bundles for everything lactation to travel essentials as well as individual items.

About Trae Bodge
Trae Bodge is an accomplished lifestyle journalist and TV commentator who specializes in personal finance, saving money, and shopping smart.

Trae has been named a Top Voice in Retail by LinkedIn and a top personal finance expert by GoBankingRates and Flexjobs. Her writing and expert commentary have appeared in Newsweek, Woman'sDay, Forbes, USNews.com, Kiplinger, Marketwatch, Yahoo Finance and numerous others. She has also appeared on-air hundreds of times, including Good Morning America's GMA3: What You Need to Know, NBC Nightly News, Inside Edition, and network affiliates around the country.