Are you preparing to send your kids back to school soon? You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on purchases of a variety of back-to-school, expenses, including:
- Thermometers. Thermometers. You can use your HSA or FSA to purchase a thermometer, which takes on added importance today.
- Sunscreen. The need for protection from UV rays is year-round. You can use your HSA or FSA to pay for sunblock, lip balm with an SPF of 15+, and thousands of other over-the-counter products.
- Eye exams, corrective eyewear, including prescription sunglasses. Speaking of physicals, your child’s physician will likely check their eyesight during their physical. But should he or she need the services of an optometrist or ophthalmologist, you can also turn to your HSA or FSA to cover the cost of both the eye exam and any corrective eyewear, including prescription glasses and contacts.
- Allergy testing. There’s nothing like pollen and ragweed to cause stuffiness in the summer and autumn seasons. Use your HSA or FSA for allergy testing so that you can avoid angry sinuses.
- Bandages. For children, tumbles are almost inevitable. Gauze, bandages, and first-aid kits are covered under your HSA or FSA.
- Vaccinations. Need to get up to date on immunizations before school starts? They’re eligible for reimbursement with an HSA or FSA.
- School and sports physical exams. You can take care of this standard checkup with the funds you’ve saved into your HSA or FSA. For children heading back to school or onto a sports field, these annual exams are necessary to assess their physical well-being, build their medical history and gather the necessary paperwork to ensure that they’re up to date on state-required vaccines.
- OTC medicines. Thanks to the (CARES) Act you can use HSA or FSA pre-tax dollars to purchase over-the-counter medications with your pre-tax dollars — these include allergy medicine, pain relievers, heartburn medication, acid reflux and cold and flu remedies.
For more insights about HSAs or FSAs, check out our eligible expense list. Or watch our Benefits Buzz podcast episodes below to learn more about the basics of an HSA and medical FSA.