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For 2024, the IRS has increased the contribution limit for FSAs by $150.
FSAs are a great way to set aside up to $3,200 tax-free through payroll deductions and/or employer contributions.
A couple can jointly contribute up to $6,400.
But employers cant do both (and they dont have to offer either option).
For HSAs, individuals with a high-deductible insurance plan can contribute $4,150 this year.
For family coverage, the limit is $8,300.
If you havent spent any of your FSA or HSA funds yet, its time to get going!
For a full list of covered expenses, seeIRS Publication 502.
Having multiple pairs of glasses is never a bad idea, and dont forget sunglasses!
Implants, sealants, wisdom tooth extraction, Invisalign?
Its all expensive, and its all covered in most cases.
Specialists Not Covered by Insurance
Do you need special or alternative care for medical conditions?
However, for some of these services, you may need to provide documentation that they are medically necessary.
Prescriptions
Prescriptions areFSA and HSAeligible.
Get 90-day supplies of everything you might in late summer or early fall.
That way, youll ensure youre not leaving any FSA or HSA funds on the table.
Replenish your first-aid kits at home and in your car.
It also helps to be prepared forseasonal allergies and surgesin infections of the flu and colds.
And be sure to check expiration dates on old medications and replace them with new remedies.
Oura Ring
Devices that are used for monitoring your health are covered by an FSA or HSA.
One example is theOura Ring, which you’re able to get in varying colors and sizes.
Therabody Products
Therabody has a full list of FSA- and HSA-approved products on itswebsite.
These includemassagersand recovery compression boots.
Period Supplies
FSA or HSA funds can cover tampons, menstrual pads and period underwear.
Youll want to confirm that what youre buying could realistically be used by the end of the year.
If not, the IRS could decide its stockpiling and therefore not a covered expense.
Examples include occupational therapy and reading support for dyslexia.
Though note in most cases, youll need a letter of medical necessity.
Apps likeSilverautomatically scan your receipts for eligible items and submit the claims to your provider.
Or it’s possible for you to visit websites likeFSA Store, which sells only eligible products.
Good luck, and use it up!
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