Your FSA and HSA Money Can Buy You a New Smart Ring: Here's How

If you've been considering investing in a smart ring to track your wellness, you may also consider using the FSA and HSA dollars you have stashed away to purchase one. Popular rings including the Galaxy Ring, Oura Ring, Ultrahuman Ring Air and Circular Ring are now FSA and HSA eligible. 

While there are differences between the two accounts, flexible spending accounts and health savings accounts are tax deductible and allow people a small break while paying for health care services, products and medications, which are notorious for being expensive in the US. Smart rings like the Oura Ring and Galaxy Ring are health trackers first and foremost, which is why they're considered eligible for FSA or HSA reimbursement. 

How to buy a smart ring with your FSA or HSA dollars 

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. Samsung said you can also purchase from a third-party retailer like Best Buy and still be reimbursed. 

To use your FSA or HSA funds to buy an Oura Ring, you can purchase using your FSA or HSA card directly through the Oura website. 

Before you buy either smart ring with plans to have the cost reimbursed, though, it's a good idea to check ahead of time 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 $300 and goes up 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.) Read more about how the two smart rings compare and what to know about the brand-new Oura Ring 4. 

Watch this: Samsung Galaxy Ring Review: Health and Fitness Tracking on Your Finger

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What other health 'extras' 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 appointment costs and even more "natural" therapies, such as massages. In other words, if it's used to keep you healthy and costs you money, it's worth checking to see if you can use your FSA or HSA dollars on it. 

If you've got some health care 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. You can also search popular department stores specifically for FSA or HSA items and peruse CNET's list of FSA-eligible items. 

Read more: Samsung Galaxy Ring Review: My Favorite Smart Ring, Hands Down