If you’ve been putting money into a Flexible Spending Account (FSA), be aware that there is a “use it or lose it” policy that requires you to use the money for a certain amount of time, and you can only spend it Sarah Michalczuk, founder and CEO of Spending Predictabill, a tool that helps consumers compare health insurance options that happen while you’re at work, said. Find receipts for drugstore purchases such as pain relievers, cold medicine and tampons, eyeglasses, contact lenses, skin care and wellness technology and get reimbursed from your FSA.
There are no rules about when you have to put money into your health savings account (HSA). However, Michalczuk said there are rules about when money is put into it. You can contribute to an HSA only if you’re enrolled in an eligible high-deductible health plan (HDHP), she says.
Your employer should be able to provide a list of eligible expenses for your FSA and HSA funds.
