Back to School with a Student Athlete

Avoid injuries with day camps

Did you know that you can use your dependent care FSA (DCFSA) to pay for day camps and after school programs? As long as your child is under age 13 (and you and your spouse are either gainfully employed or seeking gainful employment), you're able to contribute the maximum per year towards your DCFSA—$5,000 per household, or $2,500 if married and filing separately.

As long as the primary reason for the camp is to provide care and supervision while you work, your child might be able to get some additional sports and fitness along the way.

One of the most effective ways to prevent sports injuries is to encourage cross-training in a variety of sports. So if your child normally plays soccer, it might be a good idea to enroll them in an after-school program that exposes them to a wider range of activities. They'll be able to work out different muscles and become stronger overall while also preparing for the upcoming soccer season.

Check with your benefits administrator about eligible services with your plan.

Get reimbursed for doctor's visits

Here's the truth—if your student athlete experiences a sports-related injury, then bills from the doctor's office might add up fast. Because of that, it's important to utilize your FSA to get reimbursed for doctor's visits.

According to a recent study, knee injuries are the most common sports-related injury for teens and they also happen to be one of the most expensive. Depending on the severity of the injury, your child may need to visit a variety of specialists that could range from physical therapists to orthopedic surgeons, and if the injury occurs during a game or practice, then you might even need to go to urgent care or the emergency room.

The most cost-effective way to handle doctor's visits is to keep track of your visits, save the bills and file for FSA reimbursement with your employer or use your card to pay for them directly if you have one. It might not seem like much in the moment, but being able to use a tax-advantaged account to pay for your doctor bills could really help you save in the long run.