Don’t Let Your FSA/HSA Funds Disappear with the New Year
Most of us are familiar with the feeling that comes as we near the end of the year and realize we haven’t used up all of our Flexible Spending Account (FSA) or Health Savings Account (HSA) funds. These valuable accounts offer some tax advantages, lowering our taxable income and allowing us to keep more of our hard-earned money in our pockets. But the trick is to use the funds before they go away.
Timing is Everything with FSA/HSA Funds.
If you set aside money you didn’t spend, you’re likely scrambling to find a way to use every last cent. But you can buy only so many Bandaids and bottles of cough medicine and ibuprofen. Rather than forfeiting funds or turning your closet into a pharmacy, invest in your health and well-being.
FSA: Traditional FSAs typically fall under the “use it or lose it” category. Any unused funds are forfeited or withdrawn at the end of the year.
HSA: If you have a high deductible health plan, you likely have an HSA, or perhaps your employer contributed money to an HSA as an incentive. Either way, HSA contributions are more flexible than FSA and roll over each year. However, there are tax advantages to using your HSA in 2024.
Don’t Let Your Hard-Earned FSA/HSA Money Go Down the Drain.
There are only a few weeks left to use those funds wisely. Here are some ways you can invest in your health.
- Prioritize preventative care. Your health is your wealth. Have you had all of your dental cleanings and checkups? Are you due for a mammogram? How about labs? Are you due for lab work or hormone therapy at OnePeak Medical? Did you have an eye exam this year? Co-pays and most procedures are considered eligible expenses that can be funded with an FSA and HSA. Do you need a new pair of glasses or even prescription sunglasses? Contact your providers to see if any appointment openings are available before the year ends.
- Invest in your wellness in 2025. The new year is synonymous with health and getting into shape. If that sounds like you, why not start now?
- Supplements: Your FSA/HSA funds can be used to purchase high-quality supplements like those offered at OnePeak Medical. Consider how much you will need for the year and get a year’s worth if you have the funds in your account. You can purchase supplements online from the comfort of your home through our online store or pop into any of our 15 locations in Oregon and resupply today. *Please note that only certain supplements are covered by FSA/HSAs, and you may need to submit a Letter of Medical Necessity (LMN) from your medical provider.
- IV Therapy and Nutrient Injections: While the weather outside is frightful, so too are the illnesses being passed around. Boost your immune system and support your overall health with nutrient injections and IV therapy. We proudly offer a comprehensive menu of options to replenish vital vitamins and minerals your body needs to run efficiently. No appointment is required for nutrient injections, so come on by on your lunch break or anytime we’re open. *Note: you may need to submit a Letter of Medical Necessity (LMN) to use these funds.
We know you take your health seriously and want to support your goals of being the healthiest version of yourself in 2025. Contact us today if you have questions or wish to make an appointment. We hope to see you soon!