With the end of the year approaching millions of Americans are struggling to find ways to use the remaining balance on their HSA cards before the New Year begins and the balance starts over. There are about a million things that you can do with an HSA balance.
1. If you or your children have glasses or contacts stock up on needed eyewear. If you have eye problems you know that you have to update your prescription each and every year to make sure that your eyes are at their best. If you have high enough balance on your health savings account go ahead and use it to buy glasses or contacts.
2. Anticipate cold and flu season. Some health savings accounts cover over the counter medicine, by anticipating cold and flu seasons and stocking up on medicines that you will need you can use up your remaining balance and be prepared for the coming cold and flu season. Also stock up on any other medicines that are helpful to have around the house like pain killer or antiseptic.
3. Take your children to get checkups. There is never a bad time to take your children for a health and wellness checkup. If you are sure that your children are in good shape going into the New Year stress will be lowered and you can use up your remaining balance.
4. If you’ve been worrying about something to do with your health schedule a doctor’s appointment to settle your mind. Since it is the end of the year you likely will not need the money for anything else so go ahead and get your concerns out into the open so that you can be sure to start the New Year with a clean bill of health.
5. Use your HSA to pay off any bills that may have accrued over the year. If you do not have to save your balance for potential emergencies there is no reason that you cannot use the balance to pay off any applicable medical bills that have been piling up.
While any of these options are plausible and make have an HSA account very useful, it is the responsibility of the account holder to determine how the funds should be spent. Any of the aforementioned ways to spend your remaining balance will take a load off your mind and will make entering the New Year something to be enjoyed rather than something to be worried about.