With the Wednesday, March 15, grace period deadline looming for 2022 FSA accounts, make sure you’ve used all the funds in your Health Care and/or Dependent Care Flexible Spending Accounts (FSAs). These accounts are “use-it-or-lose-it” accounts. There are many out-of-pocket eligible expenses you may purchase in everyday life that may qualify for reimbursement.
Out-of-pocket health care claims such as:
- Medical deductibles, copayments and coinsurance (*); includes over-the-counter (OTC) items such as allergy medications, bandages, pain relievers (e.g., Advil, Tylenol), hearing aid batteries and more.
- Dental deductibles and coinsurance (* and **)
- Vision expenses for glasses and lenses; contact lenses; and contact lens cleaning solution (* and **)
**Limited purpose FSA-eligible
Out-of-pocket dependent care claims that allow you (and your spouse, if applicable) to work, go to school or look for work. Eligible dependents include:
- Your children under the age of 13
- A spouse who is physically or mentally unable to care for himself/herself
- Any adult you can claim as a dependent on your tax return that is physically or mentally unable to care for himself/herself