If you’ve been investing in a Flexible Spending Account, or FSA, be aware that there is a “use it or lose it” rule that requires you to use the money over time, and you can only use the money. what happened in your career, said Sarah Michalczuk, founder and CEO of Predictabill, a tool that helps consumers compare health insurance options. Get receipts for drugstore purchases such as pain relievers, cold medicine and tampons, glasses, contact lenses, skin care products and medical technology, and get reimbursed from your FSA.
There is no specific time frame when you must use the funds in your Health Savings Account, or HSA. There are rules, however, about how you invest, Michalczuk said. You can only contribute to your HSA if you are on a High-Deductible Health Plan (HDHP), he said.
Your employer should provide you with a list of eligible FSA and HSA funds.
