Don’t Forget Your FSA Money!

If you or your spouse have been contributing to a flexible spending plan through payroll deductions, you only have a few more days to be sure you’ve spent everything you contributed.  Flexible spending plans are set up so that you can pay for certain medical and health care items with pre-tax dollars, but any money you haven’t spent and/or claimed before December 31 is lost to you. (Unless your plan goes by a different plan year – but most companies have plan years that match the calendar year)

Most over the counter medications count, as well as contact lens solution, feminine products and even first aid kits. Check your plan documents to verify what is covered.

If you have any money left in your account this week, head to drugstore.com or Target and spend the remaining dollars.  At drugstore.com, they have made it easy for you by setting up a FSA section with items that are usually covered under FSA plans.  At Target, your receipt will show which items are FSA items.

Once you’ve spent the money, don’t forget to fill out the necessary paperwork and get it to your plan administrators by December 31. If you have a pile of receipts on your desk, take the time to pull out those that have medical/health items and send them in for reimbursement.

These plans are a wonderful way to get more for your money on items that you purchase anyway.  Co-pays eat up the majority of our flexible spending plan, but I keep all my receipts so we are reimbursed for all the extra items that we use throughout the year.

Melanie Rogers is a wife and homeschooling mom of 3 children. She enjoys helping other busy moms find great products to delight their families and make their lives easier. She's always on the lookout for a great bargain, too! You can also find Melanie blogging frequently at My Little Patch of Sunshine.