When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. What are Some Examples of Voluntary Benefits? Voluntary benefits include a variety of options, all designed to...
Save on Back-to-School Expenses With Your HSA or FSA
Are you preparing to send your kids back to school? You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on a variety of back-to-school, expenses, including:
You can use your HSA or FSA to purchase a thermometer, which takes on added importance today.
The need for protection from UV rays is year-round. You can use your HSA or FSA to pay for sunblock and lip balm with an SPF of 15+, as well as thousands of other over-the-counter products.
Eye Exams and Corrective Eyewear (including prescription sunglasses)
Your child’s physician will likely check their eyesight during a physical. However, should he or she will need the services of an optometrist or ophthalmologist. You can use your HSA or FSA to cover the cost of both the eye exam and any corrective eyewear, including prescription glasses and contacts.
Need to get up to date on immunizations before school starts? Vaccinations are eligible for reimbursement with an HSA or FSA.
School and Sports Physical Exams
Take care of this standard checkup with funds you’ve saved in your HSA or FSA. For children heading back to school or heading onto a sports field, these annual exams are necessary to assess their physical well-being, build their medical history and gather the necessary paperwork to ensure that they’re up to date on state-required vaccines.
Thanks to the (CARES) Act, you can use HSA or FSA pre-tax dollars to purchase over-the-counter medications with pre-tax dollars. Medications such as allergy pills, pain relievers, heartburn medication, acid reflux relief and cold and flu remedies are all eligible expenses.
There’s nothing like pollen and ragweed to cause stuffiness in the summer and autumn seasons. Use your HSA or FSA for allergy testing so that you can avoid angry sinuses.
For children, tumbles are almost inevitable. Gauze, bandages and first-aid kits are covered under your HSA or FSA.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.