A flexible spending account (FSA) is a financial account that allows team members to set aside pre-tax dollars for eligible out-of-pocket expenses. Cooper offers two main types of FSAs to team members: a medical FSA and a dependent care FSA.
A medical FSA is used for qualifying health care expenses, such as copayments, prescriptions, and other medical costs not covered by insurance. A dependent care FSA is designed to help cover costs related to childcare or care for dependents, such as daycare services or after-school programs. The key difference lies in the type of expenses they cover: One focuses on health-related costs, while the other addresses caregiving needs.
FSAs are “use it or lose it.” This means that your FSA money is only available for the calendar year, from January 1, 2024, to December 31, 2024. If you do not use the money from an FSA within that period, you risk losing it. However, medical FSAs offer a grace period until the second week in March, with a maximum rollover of $640. Some products that are typically purchased using FSA money include co-pays, co-insurance, prescriptions, and over-the-counter medicines.
Please log into https://participant.wageworks.com/ to inquire about other FSA eligible expenses.
Five items you can purchase with FSA money that you may not have thought of:
- Oura ring: Provides valuable insights into sleep patterns, heart rate, and overall wellness, which can help you manage stress, improve sleep quality, and maintain a healthy lifestyle. By using pre-tax dollars from your FSA, you effectively reduce the overall cost of the ring, making it a cost-effective investment in your health and well-being.
- Sunscreen and acne products: Both sunscreen and acne products can be bought with an FSA card.
- Massage gun: Massages help alleviate muscle soreness, improve circulation, and enhance recovery after workouts. By using your FSA, you can make it more affordable. Regular use of a massage gun can help manage chronic pain, reduce tension, and improve overall physical well-being.
- Nicotine gum: Nicotine gum helps people quit smoking by delivering a controlled dose of nicotine, reducing withdrawal symptoms and cravings. It also serves as a behavioral substitute for the hand-to-mouth action of smoking, aiding in habit breaking. Additionally, it can improve focus and mood, increasing the chances of successfully quitting and supporting a healthier lifestyle.
- Heating pad: A heating pad is a valuable tool for pain relief and relaxation. It can help alleviate muscle soreness, menstrual cramps, and joint pain by increasing blood flow and promoting relaxation in the affected area. Using a heating pad can reduce stress and tension, making it a great addition to your self-care routine.
Click here to see what FSA eligible products are available for purchase on Amazon.