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We have 800 bucks left over in our health savings account… needs to be spent by Dec 31 or it’s gone.
we are getting eye exams etc.. but there will be money left. I want to spend the balance on things I can resell rather than lose it. Anyone know if I can sell things like aspirin cold meds? Any items that would be good sellers? Thanks for any advice.. Brian
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I suspect Brian is speaking of an FSA (flexible spending account), which has to be spent down each calendar year, vs. an HSA (health savings account) in which money can accumulate.
I would caution that this is probably something the IRS frowns upon, at the very least.
If someone in your household uses them, stocking up on feminine hygiene products might be something to consider, as these are now FSA-eligible and don’t really expire. You might also want to double-check if you really have to use the funds by December 31. Some FSAs offer a grace period where you can use them up in the first part of the following year.
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Health savings accounts are money taken out of your paycheck before taxes, and you have to use it for medical expenses. Because it is pretax money, the deal is that you have to use it before the end of the year.
kaninekleenup – My uncle told me that during the pandemic he had an issue obtaining a certain type of over the counter pain relief medication. It was one of those extra strength Advil or Tylenol, maybe for migraines. I don’t remember the details, but he said it was selling for outrageous prices on eBay. Maybe you can’t get those prices now, but you probably could still do well. I think that you can sell over the counter medicine that isn’t open, but google that to make sure.
The other options I can think of are knee braces, humidifiers, glucose testers, and so forth if those are allowed by your spending account. Then maybe asthma related products because of the breathing issues with COVID.
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I should say that I agree with junque-redux, you should consider uses for your own household. You probably wouldn’t get caught selling it on eBay, but why take the risk?
And I briefly considered getting Lasik over ten years ago because I accidentally put the dependent care amount in the health care account and vice versa! I begged and submitted several requests, and my company finally fixed that for me!
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I’m diabetic. Test strips are very cheap and for those on Medicare they are free in that Medicare reimburses the pharmacy 100%, so you lose that part of the market. My meter was free when I changed to a different brand.
I haven’t had a FSA since I retired from a full time job 5 years ago, so I don’t know what is actually covered any more.
I like the idea of stocking up on things your family uses now, then perhaps reducing next year’s deduction to balance out.
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