8 Ways to Maximize and Spend Down Your FSA Before 2012
Below are 8 ways to maximize and spend down your flexible spending account:
1. Review an expansive list of eligible expenses – A number of items you need to buy or that you already bought may be eligible for reimbursement.
2. Request prescriptions for purchased OTC medications – If you were directed by your doctor to use over-the-counter medications this year to treat an illness or for wellness purposes, you can be reimbursed through your FSA for these expenses if you request a prescription.
3. Submit any outstanding receipts – If you haven’t yet submitted receipts for health care expenses make sure you find them and get reimbursed.
4. Purchase medical supplies – If you need medical supplies (ex. contact lenses, band aids etc.) on a regular basis, it can be helpful to have a backup supply on hand. However, be careful to consider the expiration dates on some of these products when you purchase them.
5. Schedule routine medical appointments – Make sure everyone in your family has gotten routine check-ups with their physician, dentist and optometrist. If you see a specialty doctor, such as a chiropractor or acupuncturist, make sure you get needed care before the end of the year or grace period as well.
6. Get a flu shot and vaccinations – Be sure everyone in your household has gotten a flu shot and is up-to-date with vaccinations.
7. Invest in wellness – You’ll save yourself a lot of future medical expenses. Smoking cessation is eligible, as is weight-loss counseling, as long as receipts are accompanied by a letter of medical necessity.
8. Log your miles – Gas and transportation fees to and from eligible medical, dental and vision appointments are eligible for reimbursement, as are visits to the drug store or pharmacy to pick up your medications. The mileage rate for 2011 is 23.5 cents per mile.
(article provided by WageWorks, an independent provider of consumer-directed spending solutions and services)