It’s the last day of the year, and if you have any money left in your flexible spending account (FSA) account today, it’s time to empty it completely. There’s only a few hours left in the calendar year, so if you haven’t been used all of your FSA to help pay for your healthcare expenses so far this year, now is the time to use the rest of that tax-free money before you lose it!
Remember: If you start an FSA, money will be taken from your paycheck before taxes and put into an account for you to use for healthcare-related expenses throughout the calendar year, so it’s a great way to set aside before tax money to use for your healthcare. But it is very important to note that FSAs have a “use it or lose it” feature. If you don’t use all of your FSA money during the year, you will forfeit whatever money is left over. And let’s face it, none of us want to give up money that we’ve worked hard for. Use your FSA money before you lose it at the end of the year!
If you’re unsure what kinds of healthcare expenses or products you can spend your FSA money on in one day, check out CVS.com which has a handy page listing all the FSA-eligible healthcare products they carry. Sinus busters, cold packs, glucose-busting nutritional drinks and more are all here and they’re all FSA-eligible.
Also don’t forget: Over-the-counter medications will no longer be an eligible FSA expense without a doctor’s note starting on January 1, 2011, so if there’s an OTC that you use regularly, it’s time to stock up!
How much FSA money do you have left? Tell us about it!
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