![]() Many of my financial planning clients treat their HSA as an additional retirement account that they can turn into essentially a tax-free income stream to pay for medical expenses in the future (or from the past). If you leave the funds invested, you can get the benefits of compound interest and still reimburse yourself for current medical expenses at a later date. If you are in good financial shape, consider investing your contributions to an HSA long-term. Jeremy Miller is president and founder of, an online shop for products eligible for reimbursement through a flexible spending account.Should you spend or invest your HSA? getty When Should You Use Vs. 31, your FSA may have a grace period that allows you to incur new expenses using last year’s funds through March 15. ![]() Additionally, if your FSA plan year ended Dec. Submit for reimbursement of qualified expenses before it's too late.Use an FSA for co-pays and deductibles when visiting physicians, dentists, ophthalmologists, and for alternative medical services such as chiropractic care and acupuncture. Use your FSA to pay for medical services.Health care products like breast pumps, first-aid kits, hot and cold therapy packs, and contact lenses are among thousands of other items covered by an FSA. You can view an online eligibility list of products and services that can be purchased using FSA dollars. ![]() There are specific products and services that are and aren't eligible for FSA spending, such as some mobile monitoring devices (which are eligible) and medical marijuana (which is not). You can find information about covered expenses in your plan document or by contacting your FSA administrator. Not sure how much you have left in your FSA? Contact your FSA administrator ahead of the deadline so you have time to spend down any remaining money. Communications to employees can include the following tips: For plans with a grace period, reminders should be sent prior to March 15.
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