This year our expenses were way lower than expected (we have great insurance) so we had over $2,000 to spend this month. In the end we managed to ‘spend’ it all among the following purchases:
- Night guard for teeth grinding (for me)
- Eyeglasses for 4 of us
- RX sunglasses for 2 of us
- An ER co-pay (would have rather done without this one!)
- Out-of-pocket expenses from our therapist
- Regular prescriptions
Since you may have some money leftover you need to use before the end of 2012 here are some ideas to use up your FSA money before you lose it.
Keep in mind any services provided in 2012 can be reimbursed until your account is empty, but you have time to submit paperwork often through March 2013. (check your plan for more info)
More reading: What is covered by an FSA?
7 Ways to Use your FSA
1. Glasses:
If you or anyone in your family need glasses, it’s time to get new ones. If you have a lot to use up look at more expensive coatings or a pricier frame.
2. Prescription Sunglasses:
For glasses wearers this is a great way to get a pari of shades you can see out of without breaking the bank.
3. Stock up on Contact Lenses:
If you or someone in your family wears contacts, stock up now. There’s no reason you can’t buy next year’s supply in advance. Getting a pair of ‘backup’ glasses is another good way to use your FSA funds.
4. Refill RXs in bulk:
If you can get your prescriptions filled now (especially if you can buy in bulk through a pharmacy plan) now is the time to do it.
5. Chiropractor Adjustments:
Visit the chiropractor? Time to take everyone in for a year-end adjustment.
6. Buy (approved) OTC medical supplies:
Some medical supplies are covered, though many require a RX. Check with your plan to make sure what you’re purchasing is covered.
7. Pay off Medical or Dental Expenses:
Have hospital bills, dental care bills, or orthodontia to pay off? Use up your healthcare spending account to pay for these ongoing or outstanding bills. For instance with braces you may have signed up a monthly plan, but you can pre-pay since the service is provided in this calendar year (as well as the next).
Do you have FSA money to spend?
Kelly
Sandy, that’s a great way to get OTC medications you use and need. I’m glad you have some extra time! The cut off date varies. Ours requires all purchases to be made in 2012-blech.
Employers have the option of allowing a two month and fifteen day day grace period on expenses. It appears that Sandy’s employer allows this.
Don’t forget to review all receipts accumulated during the year. My health plan allows me to log in online, and see an explanation of benefits for every doctor visit. These prove very useful in putting together the documentation.
We are in the same boat Kelly. We have several hundred dollars left on our Flexible Spending also. Any over the counter meds are only covered with a prescription, but my doctor had no problem writing scripts for us for several things like, ibuprofen and vitamins we take. We did call and found that on our plan, we have until March 15th to use FSA for the 2012 year – and we have to have all claims in by March 31. I don’t know if it’s the same with all FSA or not.