If you’ve set aside money for a flexible spending account (FSA), an account balance typically expires at the end of the year.
In simpler terms: it’s use it or lose it.
An FSA is a pre-tax account designed to help with your medical expenses.
As 2025 nears and you have an FSA, go check your balance and understand your specific plan features with your employer.
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In some cases, you can carry over some cash to the next year, or you may have additional time to submit claims.
Once you understand your specific situation and know you have cash to spend, do so or you’ll lose it.
There are eligible expenses outside of medical copays, for example, where FSA money can be used for everyday products.
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“There are a lot of times people may not know, especially for women, that menstrual products are now an eligible expense. Making sure that they know that they could go get their Tylenol or their Motrin,” Nicky Brown with HealthEquity said.
If you want to see a list of eligible FSA-approved products, a number of retail websites have a specific FSA-eligible tab like CVS, Walgreens, Walmart and Rite Aid.
You can also go to the FSA store website.
The government also has a site breaking down eligible items. Click here to check it out.
