If you are a new mom or dad and have a health savings account (HSA) or flexible savings account (FSA), you can save a lot of money. Many products are approved by the IRS for use on newborn products. You can also spend this money on some of mom’s recovery and even reimburse yourself for expenses from delivery.
What is an HSA or FSA?
Health Savings Account and Flexible Savings Accounts are accounts that accompany health insurance plans. These accounts are very different, but can be used to purchase eligible health-related items.
So what is an HSA?
HSAs accompany high-deductible health plans (HDHPs). These are health insurance plans that exchange a low monthly premium for a high deductible. This means that HDHPs are very cheap unless you get sick.
If you want to know which is better to have for pregnancy, HDHP or PPO, click here.
Benefits of an HSA
With a HDHP, you can set aside money into an HSA to cover any approved expenses. HSAs can be used to purchase health goods with tax-free money. If you have leftover funds at the end of the year, you can roll the money into an individual retirement account that grows tax-free.
HSAs can be used on a variety of things, from Lasik Eye Surgery to pregnancy tests. The IRS releases a list each year, but I have some of the common ones listed here.
HSAs have contribution limits, which are changing next year – click here to read more.
What about an FSA?
FSAs often accompany PPOs, HMOs, or POS plans. The main difference between FSAs and HSAs are that FSAs have a use-it-or-lose-it policy. The funds that go into it have to be spent by the end of the year. Therefore, this is the main reason why I am not a fan of FSAs unless your employer is contributing significantly.
What can I purchase with my HSA or FSA during pregnancy?
During pregnancy, you will incur a lot of expenses. From the very start with pregnancy tests, to the very end with the actual delivery – there is a lot of money leaving your wallet! Here are a few things to keep in mind for using your HSA or FSA:
Clearblue Pregnancy tests are eligible for HSA and FSA use! Make sure to have these on hand and purchase them using the above link.
Prenatal vitamins can also be used with an HSA or FSA. These are vital to ensuring you are getting enough Folic Acid to protect the baby during development.
Belly Bandit! This can help with that lower back pain!
What can I purchase for the baby with my HSA or FSA?
After baby has entered the world there is no shortage of things you need! Make your life easier by saving money and using an HSA or an FSA. Below are some great products for new moms and young babies:
A hands-free electric breast pump. I cannot tell you how many hours my wife spent sitting and pumping while hooked up to the wall. If we had known about these, they would have been the first purchase we made.
We used these every day for almost 9 months. One tip: make sure to freeze them lying flat so they are easy to store!
Smart baby monitors that not only watch your baby, but provide biometric feedback so that you know they are safe. There were definitely times we woke up in a panic and wished we had one of these.
This was an actual must-have. Our baby’s nose got congested on week 3 of life and this helped keep him breathing (and sleeping) through the night. It looks gross but it works really well!
Thermometers can be used with an HSA or FSA! Make sure to have one on hand to help detect any fevers from your baby.
Sunscreen is a must-have if you take the little one outside. Their sensitive skin has never seen the sun but can be protected with some baby sun screen.
The bottom line
Many must-have items can be purchased with your HSA or FSA. If you have an FSA and are in a use-it-or-lose-it situation, stock up on some of these things for baby and momma! You can save a lot of money by shopping wisely and knowing what is HSA and FSA eligible.
One response to “9 Pregnancy and Baby products you can purchase with your HSA or FSA (2022 Update)”
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