Flexible Spending Accounts (FSA) give employees the option of putting aside tax-free dollars to use for certain eligible expenses throughout the year. If your employer has access to one, it might be worthwhile to take advantage. The maximum you can put aside tax-free is $2,750.00 in 2021.
One of the most popular FSA items that employees like to use is daycare expenses for their children, but did you know that you are allowed to use the account for several other medical expenses that you might not have thought of? Here are a few items that you might not have known about…
- Acne treatments, including over the counter acne creams, cleansers and serums
- Air quality products that include air filters and purifiers as well as air conditioners if your medical provider deems them necessary if they could provide you with relief from a medical issue
- Acupuncture and chiropractor appointments
- Nicotine patches and gum
- Shoe inserts with arch support and orthopedic shoe inserts
- Sunscreen, even if it’s not bought during the summer months
- Baby products that include nursing supplies, baby monitors, and potty training underwear
If you have questions about your FSA account or are thinking about opening one for your company, please contact your ARC representative and we will assist you!