The 15 Best Categories to Spend Your Remaining FSA Dollars on in 2024

Before signing up for paycheck deductions into a FSA, there are a few factors to consider in order to be educated in your decision, such as the specifics of your FSA plan, how much you want to contribute, and whether a debit card is offered for the funds.

“If you’re considering opening a FSA, first understand if your employer offers one as part of their employee benefit package. If they offer one, ask if they offer FSA match contributions — many employers will match your contributions dollar for dollar if you have an open account,” offers Kevin Robertson, chief revenue officer of HSA Bank. Similarly, some employers offer a match up to a certain amount, such as $500, which can still be a significant amount for individuals facing today’s rising healthcare costs. Keep in mind, an employer cannot contribute more to an FSA than the employee does, so it’s important to ask about the specifics of your employer’s match and be sure you are taking advantage of this benefit.

Robertson adds, “You should also carefully consider your healthcare needs, so you don’t over contribute to your account”. Because of the “use it or lose it” rule of FSAs, contributing more than you will spend in a year will result in you forfeiting whatever pretax dollars you invested but didn’t end up using by the end of the year. Typically, you decide your contribution amounts during open enrollment prior to the beginning of the plan year, so it is necessary to estimate how many out-of-pocket expenses you can expect from your insurance plan as well as what additional health-related costs you may incur on items such as OTC medicines, prescriptions, or dental and vision expenses.

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