Hidden gems: 23 FSA approved items you didn't know about

The average American spends about $13,500 on healthcare every year. From ibuprofen to medical procedures, healthcare costs can quickly add up. As healthcare costs rise, people are looking to creative cost-saving strategies, with HSAs and FSAs topping the list. With thousands of products available for purchase via HSA or FSA, these tax-advantaged accounts aren’t just a boon for the people using them — they can offer a huge cost-savings to employers offering them, as well. They’re truly a win-win.

If your company isn’t offering these tax-advantaged accounts yet, then you might be able to make your team’s lives easier (and healthier) without breaking your budget.

What is an HSA?

An HSA, or health savings account, is a tax-advantaged savings account that helps you cover qualified medical expenses. You add pretax dollars to your HSA, and you don’t have to pay taxes on withdrawals or the account’s growth. Plus, the money rolls over year after year, so you don’t have to worry about it if you don't have many medical expenses in any given year.

Just keep in mind that HSAs are generally available only to those who are enrolled in a high-deductible health plan (HDHP).

What is an FSA?

An FSA, or flexible spending account, is similar to an HSA, but with a few differences. It’s also a tax-advantaged account for healthcare expenses, but it’s mostly a use-it-or-lose-it proposition. Employees are allowed to carry over up to $640 from one year to the next.

So if you find yourself with a chunk of FSA money left over on December 31, it might be time for that designer pair of glasses you’ve been eyeing. Hey, your vision is part of your health too!

Where to shop for HSA- and FSA-eligible items

You can only use your HSA and FSA money on qualified medical expenses, but that doesn’t mean you can only use these dollars at the hospital.

You might be surprised to learn that you can buy HSA- and FSA-approved items almost anywhere. Your local pharmacy, big-box stores, and even Amazon carry all kinds of eligible products.

Pro tip: Amazon even has a filter you can use to specifically search for HSA- and FSA-eligible items!

What are the best FSA- and HSA-eligible items?

FSA and HSA eligibility covers a broad spectrum of health and wellness products. There are thousands (seriously, thousands!) of products available for purchase through these accounts, and some of them may surprise you. Let’s dive into the best — and most unexpected items — to buy with your HSA and FSA.

Best FSA- and HSA-eligible items for families

Parenting is expensive, so having access to these tax-advantaged accounts can really make a difference when it comes to buying that hundredth bottle of Children’s Tylenol.

Here are some FSA- and HSA-eligible items you might not know about:

• Daycare: Yes, you read that right. While it’s not covered under a regular FSA, you can use a dependent care FSA to cover childcare expenses. As childcare costs continue to rise, this type of spending account can offer a huge financial relief to working parents.
• Baby monitors: High-tech options like the Owlet Cam & Dream Sock Duo are eligible.
• Pregnancy tests: Especially for families who are trying to conceive, pregnancy tests are great to have on hand, but the costs can add up quickly.
• Bandages: These are covered as well, for when your kid goes through that inevitable “I need a Band-Aid for everything” phase.
• Skin repair sprays: Perfect for those constant scrapes and scratches from the playground.
• Wipes: Although regular baby wipes aren’t eligible, specialty wipes, like the cult favorite Boogie Wipes, are.

Best FSA- and HSA-eligible items for women's health

From menstruation, to pregnancy, to menopause, women’s health needs change throughout the course of their lives. With the help of HSAs and FSAs, a great deal of those needs can be managed at home.

Check out the following HSA- and FSA-accepted items:

• Hot flash and menstrual relief devices: From hot flash relief wristbands to menstrual relief devices, there are some cool gadgets out there that can help you manage the more uncomfortable parts of reproductive health.
• Menstrual products: Tampons, pads, menstrual cups — they’re all eligible!
• At-home hormone tests: These are perfect for those who are trying to conceive or going through perimenopause.
• Vitamins: From prenatal vitamins to fiber supplements, you’re covered.
• Postpartum essentials: C-section recovery bands, pain relief sprays, and more are covered to make postpartum recovery a little easier.

Best FSA- and HSA-eligible items for skin and beauty

Americans spend roughly $85 per month on skin and beauty products, which can add up over the course of a year. With the help of HSAs and FSAs, some of those regular purchases can be bought tax-free, easing the financial burden a bit.

These HSA- and FSA-approved items might surprise you:

• Light therapy face masks: That Instagram-famous Dr. Dennis Gross mask? Yep, it can be yours through your FSA!
• Acne treatment patches: Popular brands like Mighty Patch qualify with your FSA.
• Sunscreen: Protect your skin with sunscreen brands like Supergoop, Sun Bum, and Coola—all of which are FSA-eligible.

Best FSA- and HSA-eligible healthcare devices

Tech meets healthcare with these eligible gadgets:

• Thermometers: Yep, covered. From basic digital models to advanced infrared forehead thermometers, your FSA or HSA has your back (and temperature).
• Massage guns: You can purchase devices from popular brands like Therabody and Revive with your FSA or HSA. Goodbye, muscle pain!
• Headache relief headbands: These innovative devices use electrical nerve stimulation to provide drug-free headache relief. They can be a great solution for anyone with chronic headaches.

Best FSA- and HSA-eligible items for oral health

Your FSA or HSA can really give you a reason to smile when you save money on these products:

• Dental aligners: Straighten your teeth without straining your wallet. Many at-home aligner services are FSA- and HSA-eligible.
• Oral light therapy devices: These devices use light technology to promote gum health and fight bacteria. That’s right, you can have a brighter and healthier smile with the help of your HSA or FSA!
• Lip protectants: Chapped lips are no fun, but medicated lip balms and treatments are eligible.

Best FSA- and HSA-eligible essentials to have on hand

Every medicine cabinet should stock a few everyday essentials, and fortunately, most of them are available through your FSA or HSA:

• First-aid kits: Be prepared for minor emergencies with a comprehensive first-aid kit, paid for with your tax-advantaged account.
• Pain relievers: Stock up on over-the-counter pain medications for headaches, muscle aches, and other common ailments.
• Upset stomach and nausea support: You can buy antacids, anti-nausea medications, and other digestive aids with these accounts.
• Cough suppressants: Fight cold and flu symptoms with these FSA- and HSA-eligible remedies.

Keep in mind that this list of HSA- and FSA-eligible items is just the tip of the iceberg. There are thousands of products and services that you can pay for with these tax-advantaged accounts. So next time you’re going to invest in your health, don’t forget to be proactive and make the most of these accounts.

Uplevel your benefits strategy with HSAs and FSAs

Given that 86% of employees are interested in their employer providing an HSA as part of their benefits package, it’s clear that HSAs and FSAs are here to stay.

If your company would like to consider these tax-advantaged accounts as part of your benefits strategy, Nava is here to help. Nava Benefits can help you maximize these powerful accounts, all so your employees are happier and more productive.

Get started with Nava today.