Q: Can I absolutely use tax-free money from my adjustable spending annual for sunscreen?
A: Yes, you can use tax-free money from your FSA for sunscreen, with an SPF of 15 or higher, and several added items you may charge if you’re traveling to the bank this summer.
For example, you additionally can use the tax-free money for lip gesic with sunscreen of SPF 15 or higher, bandages, first-aid kits, acquaintance lens solution, annual glasses and several added over-the-counter items afterwards a prescription. (However, you charge a decree to use FSA money for some over-the-counter medications, such as affliction relievers, motion affection medication and abhorrence medicine.)
You additionally can use the money for decree sunglasses, decree glasses and acquaintance lenses. For a annual of acceptable items and which items crave a decree or doctor’s letter of necessity, see FSAstore.com, which sells FSA-eligible items.
Many FSAs accept debit cards that you can use to buy acceptable items with money anon from your account. Or you can buy the items and again abide the receipts (and a decree or decree number, or a doctor’s letter, if required) to be reimbursed by your FSA. Ask your ambassador for its procedures.
You additionally can use money tax-free from a bloom accumulation annual for these expenses, but that’s usually not a abundant abstraction because HSAs don’t accept use-it-or-lose-it rules, and it’s bigger to accumulate the money growing in the annual for approaching bloom bills.
But authority on to your receipts for acceptable expenses, which you can use to accomplish tax-free withdrawals from your HSA at any time, alike years in the future. There is no time absolute for abandoning money tax-free from an HSA for acceptable costs you incurred afterwards you opened the account.
Kimberly Lankford is a accidental editor to Kiplinger’s Personal Finance magazine. Send your questions and comments to [email protected]
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