It’s the end of the year, and the one question that has been looming over our heads will finally be answered in this blog post—how do I spend the remaining money in my Flexible Spending Account?
Okay, maybe not what you had in mind. Most of us have other pressing matters to deal with, like checking off Christmas gifts for our loved ones or figuring out where Aunt Cheryl is going to sleep when she comes to visit.
So let’s make this easy. You must spend the remainder of your Flexible Spending Account (FSA) funds by December 31 (some plans may vary) or the money goes to waste. Check with your health provider to confirm the date your funds will disappear as well as the medical expenses your plan allows. If you have not submitted all of your receipts or are unsure which drawer you put them in, simply ask your pharmacy and doctor offices to print a list of all your transactions.
For more information
Because FSAs are designated for health care costs, you can only use the leftover money for specified items. For example, first aid kits as stocking stuffers! Yes, you can use your flexible spending money to check off one of those holiday gifts.
Did you know you don’t have to make an appointment to get a flu shot? Most Banner Health Pharmacies and grocery stores have the shot in stock and are a quick stop. Keep your receipt and get reimbursed for being healthy. While you are there, stock up on band aids, cough medicines, aspirin, and other over-the-counter products you know you will use throughout the coming year.
Here are some additional suggestions to use your remaining dollars, according to Irs.gov:
- Acupuncture treatments
- Annual physical
- Birth control pills
- Breast pumps and supplies
- Chiropractic care
- Contact lenses and solution
- Dental treatment
- Diagnostic devices like diabetes monitors
- Hearing aids and batteries
- Magnifying reading glasses or “cheaters”
- Physical therapy
- Pregnancy tests
- Weight loss programs
See a full list here.