5 unique ways to spend FSA dollars
December 18, 2014 11:41 AM
1. Rollover feature considerations
Employers need to choose between offering the rollover feature or the grace period; they cannot offer both. Look at your utilization and forfeiture data, advises Jeremy Miller, president and founder of FSAStore.com, an e-commerce site that sells FSA-eligible products. If the employer feels, based on utilization and forfeitures, that their employees may benefit more and will see a higher enrollment from a carry forward, than they probably want to consider offering the rollover, he says.
[Images: Shutterstock]
[Images: Shutterstock]
2. Grace period considerations
If they have a plan in which they have historically offered a grace period, they have high enrollment rates and can see that employees use the majority of their funds in the first two and half months of the following year, it may be best for them and their employees to continue with a grace period, says Miller.
3. Sunscreen
With the unofficial kick-off to summer behind us, employees can gear up for warmer weather with sunscreens and other FSA-eligible products for travel.
4. Allergy medication
Employees who suffer from allergies year-round can use FSA dollars toward over-the-counter allergy tablets and nasal solutions (prescription required.)
5. Hot and cold packs
If you have athletes in your workforce or employees who suffer from muscle and joint pain, hot and cold packs, knee and ankle braces, or heating pads can help manage their pain and keep them moving.
6. Emergency kits
Encourage employees to prepare an emergency kit for their home, cabin, office and car. First-aid kits may also be eligible.
7. Baby care
Employees expecting a baby this summer can use FSA dollars for some baby-related products, including prenatal vitamins, baby sunscreen, baby thermometers and breast pumps.
