Your HSA or FSA Might Pay for Your New Smart Ring. Just Follow These Steps

If a smart ring has been on your wishlist, especially with Oura Ring's new colorful design, we have good news: Your HSA or FSA might cover these costs. In addition to other unexpected FSA- and HSA-eligible wellness devices, certain smart rings may be covered by these savings accounts. That includes the Oura Ring, Galaxy Ring and Ultrahuman Ring. You'll just want to make sure your specific HSA or FSA covers it before making a purchase.

How to buy a smart ring with your FSA or HSA 

To buy a Galaxy Ring using FSA or HSA funds, Samsung says to go through its website, purchase as you would normally with a debit or credit card and then send in your proof of purchase to your FSA or HSA plan so you can be reimbursed. 

To use your FSA or HSA funds to buy an Oura Ring, you can purchase one using your FSA or HSA card directly through the Oura website. You can also submit your purchase for reimbursement if you don't use that card.

For Ultrahuman, you can pay on its site using an FSA or HSA card. Or, you can pay with another card and submit the purchase for reimbursement. 

Before you buy any smart ring with plans to have the cost reimbursed, it's a good idea to check with your FSA or HSA plan to make sure you'll be covered. As Oura outlines, plans can set their own eligibility rules and may require extra documents for reimbursement. 

A Galaxy Ring costs $400, while the Oura Ring starts at $349 and increases based on your color and design preference. Notably, Oura has a $6 monthly subscription fee to access its health features, while the Galaxy Ring doesn't. (Oura says the membership fee is also HSA and FSA eligible.)

What other wellness items can you use your FSA and HSA dollars on? 

You'd be surprised at the long list of items that are open for purchase or reimbursement with FSA or HSA cards. Everything from vision care and glasses, common medications, tampons, doctor's appointment costs and even more "natural" therapies, such as massages. In other words, if it's used to maintain your health and costs you money, it's worth checking to see if you can use your FSA or HSA dollars to cover the expense. 

If you've got some healthcare money burning a hole in your pocket (especially those FSA dollars, which don't roll over to the new year), take inventory of your current health needs, what you tend to spend money on and what you could put toward FSA and ultimately save you some money.