New Parents: Use Your FSA/HSA Dollars Before Year End

If you are a new parent or expecting a baby, you may be wondering how to make the most of your FSA or HSA dollars. You may also have some funds available that need to be used by the end of the year.

Purchasing qualified medical expenses

FSA and HSA accounts allow you to save money on taxes by using them for qualified medical expenses. But did you ever consider the many eligible products for parents with newborn babies that can make life easier and healthier?

Breastfeeding supplies

If you’re a woman who chooses to breastfeed, one of the most important items to have is a breast pump. Breastfeeding has many benefits for both moms and babies, but it can also be challenging at times. A breast pump can help to express milk when you are away from your baby, relieve engorgement, increase milk supply, and more. Breast pumps are often covered by insurance, but you can also use your FSA or HSA dollars to buy one or to purchase additional supplies related to breastfeeding. Some ideas include breast milk storage bags and bottles, nursing pads, nipple cream, and hands-free pumping bras.

Baby health monitors

Another category of FSA and HSA eligible products for parents with a newborn baby are baby health monitors. These are devices that can help you track your baby’s vital signs, movements, breathing, temperature, and more. Examples include baby heart rate monitors, baby movement monitors, baby thermometers, baby scales, and baby oximeters. These products can give you peace of mind and alert you to any potential issues with your baby’s health.

Sick day products

Finally, parents of children at any age can use FSA or HSA dollars to buy products for colds and common ailments that affect so many of us, especially during the winter months. Some examples are humidifiers, vaporizers, nasal aspirators, saline drops and sprays, pain relievers and fever reduces (as age-appropriate), and diaper rash creams. These products can help with baby’s symptoms and make them more comfortable when they are sick.

Use your FSA/HSA card or submit for reimbursement later

You may be able to shop for these products online or in-store with your FSA or HSA card and submit your receipts for reimbursement later. Just make sure to check your policy for any limitations or exclusions before purchasing. And don’t forget to use up your FSA dollars before they expire at the end of the year!