As the end of the year fast approaches, it’s time to look at your flexible spending account (FSA). These accounts tend to be “use it or lose it”, as it is wise to determine if you have a surplus of funds and how to utilize them so they aren’t lost. Here is a list of questions to ask yourself in the next month or so….
When was your last doctors visit?
Yes. If you haven’t had your scheduled check-up this year, schedule it now! Sometimes it can take a month or two just to get into the office. Your FSA can help pay for visits to the doctor.
Have you checked your medicine cabinet lately?
We are all guity of harboring expired medications in our cabinets. Grab your dust rag and clean it out! While your at it, check the expiration dates and take inventory of what you might need in the near future, as FSA’s can be used to purchase numerous OTC products.
Thinking about quitting smoking?
FSA’s cover smoking cessation products such as patches and gum. What better way to start the new year than smoke free with an arsenal of products to help you kick the habit!
How well can you see?
Taking a trip to the optometrist for an exam is a great way to spend your surplus. While your at it, you might want to stock up on contacts, or get that great looking pair of specs you’ve been eyeballing all year.
Remember, this is just a short list of ideas on how to spend your surplus before the end of the year to aviod forfeiting it. Contact your employer or FSA manager if you have any questions concerning coverage.
For more info about FSA’s go to http://www.irs.gov/publications/p969/ar02.html#en_US_publink100038864