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
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?