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Nine Ways to Max Out Your FSA

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Do you have a health care flexible spending account (FSA)? Have you incurred enough expenses to get back all the money you put into the plan? If not, here are a few ideas you can use so you don’t leave any money in the plan.

  1. Get all medication prescriptions refilled. A lot of prescriptions and medical plans only allow one refill in a 30-day period, but if you don’t have that restriction, or you’re behind in your refills, now’s the time to take action.
  2. Get new glasses or prescription sunglasses. If you didn’t get a new pair of glasses this year, maybe you should get them now—or a back-up pair. If you did get new glasses this year, think about a pair of prescription sunglasses.
  3. Refill your contact lenses prescription and/or stock up on lens solution. If you go through contact lenses like I do, it never hurts to have extra boxes ready to go. And did you know lens solution is an eligible expense too? Stock up!
  4. Buy medical equipment. An electronic thermometer is always handy to have around. And if you’re “of an age” perhaps having your own blood pressure cuff. (You can find them for as little as $35—although I don’t know if they’re any good at that price point.)
  5. Stock up on condoms. They’re a qualifying expense. That’s all I have to say about that.
  6. Refill your first-aid kit. Although a lot of over-the-counter drug store items now require a prescription to qualify, Band-Aids and elastic bandages do not.
  7. Join a smoking cessation program. Fees associated with a program are qualifying expenses, but over-the-counter medications (such as nicotine gum) require a prescription to be eligible.
  8. Get check-ups. If your dentist and optometrist are anything like mine, it may be too late to get an appointment…but if you’re overdue for a dental and/or vision exam, see if you can get them scheduled before the end of the year.
  9. Get a prescription for OTC meds. If you still can’t use up your FSA with the above suggestions, contact your doctor about writing you a prescription for over-the-counter pain medication, cough syrup, or the like.

You should also check with your employer to see if your plan has a grace period that allows you to continue to incur expenses into 2013. But if you leave a few dollars in the plan, all is not lost. Remember, you did get a tax break throughout the year by having this pre-tax deduction. Still, definitely best to recoup your expenses. And any expenses incurred by your eligible dependents are also reimbursable, so make sure you’ve taken their expenses into account as well.

Happy spending!


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