As the temperatures rise and the days grow longer, there are a plethora of opportunities for fun and relaxation. However, these often come with increased expenses that can put a strain on your finances. Whether you’re planning a family vacation, participating in an outdoor activity, or simply want to make the most of the beautiful sunny days, finding ways to save money is important. One often-overlooked tool for boosting your summer savings is the Flexible Savings Account (FSA).
Understanding FSAs
FSAs allow you to set aside pre-tax funds for eligible medical expenses. These may include copays, deductibles, prescriptions, durable medical equipment, and more. The primary benefit of an FSA is that it lowers your taxes by reducing taxable income. However, FSAs can also be used for summertime necessities such as sunscreen and burn remedies, making them a versatile tool for summer savings.
Using Your FSA for Summer Expenses
So, how can you make the most of your FSA in summer? Let’s explore some common summertime expenses that you can pay for using your FSA:
Sun Protection
With longer days and increased outdoor activities, sun protection becomes paramount during the summer. From sunscreen to sunglasses, these items are not only essential for your health but also eligible expenses under most FSA plans. Stock up on SPF lotions, lip balms with UV protection, and UV-blocking sunglasses without worrying about breaking the bank.
First Aid Supplies
Whether you’re hiking in the wilderness or simply enjoying a picnic in the park, accidents can happen. Thankfully, many first aid supplies, such as bandages, antiseptic creams, and hot/cold packs, are FSA-eligible. Having a well-stocked first aid kit on hand can provide peace of mind while also being a wise use of your FSA funds.
Allergy Relief
For those prone to seasonal allergies, summer can be a challenging time. Over-the-counter allergy medications, nasal sprays, and even allergy-friendly bedding are all qualified expenses under most FSAs. By using your FSA to purchase these items, you can alleviate symptoms and enjoy the great outdoors without worrying about allergies holding you back.
Travel Health Essentials
Whether you’re embarking on a cross-country road trip or jetting off to a tropical paradise, travel health essentials are a must. From motion sickness medication to travel-sized first aid kits, many items you’ll need for your journey are FSA-eligible. Be sure to check your plan’s guidelines for specifics, but rest assured that you can use your FSA to stay healthy and comfortable while on the go.
Physical Activity Gear
Summer is the perfect time to get active and enjoy outdoor sports and activities. Whether you’re hitting the trails for a hike, biking along scenic routes, or playing beach volleyball, the right gear can enhance your experience. From supportive athletic shoes to sports braces and wraps, many items related to physical activity are eligible expenses under FSAs. Invest in your health and well-being while saving money in the process.
Health and Wellness Services
Summer is an ideal time to focus on self-care and overall wellness. Consider using your FSA funds for services such as chiropractic care, acupuncture, or even massage therapy to alleviate stress and promote relaxation. Many alternative health treatments are FSA-eligible, providing you with a holistic approach to summer wellness.
Hydration and Nutrition
Staying hydrated and nourished is essential for maintaining your health and energy levels, especially during the summer months. Invest in reusable water bottles, hydration packs, and even nutritional supplements like vitamins and electrolyte replacements—all of which are eligible expenses under most FSAs.
By strategically using your FSA funds to cover these summertime expenses, you can make the most of your summer while saving money in the process. Whether you’re protecting your skin from the sun’s rays, staying active and healthy, or simply enjoying the season to its fullest, your FSA can be a valuable tool in your financial arsenal.
As with any financial planning, it’s essential to familiarize yourself with your specific FSA plan’s guidelines and restrictions. Keep track of your eligible expenses and save your receipts for documentation purposes. By maximizing the benefits of your FSA, you can enjoy a summer filled with fun, relaxation, and savings.
Maximizing FSA Benefits
Tapping into the power of an FSA account can be a great way to boost summertime savings. By understanding how an FSA works, using it to cover seasonal expenses, and making smart qualifying purchases, you can take full advantage of this important financial tool.
DataPath Administrative Services has provided third-party administration and compliance services to Arkansas employers since 1996. Please enter your email to receive notifications about new blog articles (above right).
