Smart Sun Care: How to Use Your FSA/HSA for Sunscreen
Maximizing your Flexible Spending Account (FSA) or Health Savings Account (HSA) for sunscreen purchases is a smart way to use pre-tax dollars for essential sun protection. As awareness grows about the importance of daily sunscreen application to prevent skin cancer and premature aging, using your FSA or HSA funds can make this crucial skincare step more affordable. Here’s how you can make the most out of your accounts for sunscreen purchases.
Firstly, it’s important to understand that the IRS considers sunscreens with a broad-spectrum SPF of 15 or higher as eligible expenses for both FSA and HSA accounts. This is because they are classified as preventive care items that protect against the harmful effects of the sun. GOOD SUN’s range of products, which includes broad-spectrum SPF 50 sunscreens, falls well within this category, making them eligible for purchase with FSA/HSA funds.
To take advantage of this benefit, start by checking the balance of your FSA or HSA account. These accounts are use-it-or-lose-it for FSAs, meaning you need to spend the funds within the plan year. HSAs, on the other hand, allow unspent funds to roll over into the next year. Knowing your balance can help you plan your purchases effectively, ensuring you’re using your funds wisely and not missing out on the tax advantages these accounts offer.
When purchasing sunscreen with your FSA or HSA, keep receipts for your records. While most FSA/HSA cards can be used directly at pharmacies or online retailers that sell eligible products, keeping detailed records ensures that you can substantiate your purchases if ever required by your plan administrator. This is especially important for maintaining compliance with IRS regulations and ensuring that your expenditures are indeed eligible.
Consider stocking up on sunscreen for the year using your FSA or HSA funds. Given the necessity of regular application and reapplication of sunscreen to maintain effective protection, buying in bulk can ensure you’re always stocked up. GOOD SUN’s refillable spray sunscreen system, for example, not only makes reapplication convenient but also supports environmental sustainability. By investing in a quality sunscreen system, you’re not only protecting your skin but also making an environmentally conscious choice.
Lastly, think beyond individual use. Sunscreen is a necessity for the whole family, and using your FSA/HSA funds can cover purchases for children and spouses too. This ensures that everyone is protected from the sun’s harmful rays, whether they’re spending a day at the beach, participating in outdoor sports, or simply enjoying time outside.
In summary, utilizing your FSA or HSA for sunscreen purchases is a practical and financially savvy way to prioritize sun safety. With GOOD SUN’s eligible SPF products, you can ensure that you and your family are protected, all while making the most of your pre-tax benefits. This approach not only underscores the importance of preventive healthcare but also promotes a holistic approach to managing your health and wellness expenses.
