If you need to empty out your FSA account, and quick, here are some smart ideas.
Procedures you've been putting off
The year of the year is a great time to schedule medical procedures such as blood work or other testing, especially since, if you've met your annual deductible, your insurance company may cover more of the cost. You can apply your FSA funds towards your part of the bill.
Most people can use their FSA dollars on acupuncture and chiropractor visits, for example.
Taking care of your eyes ...
If you're like most Americans, you put off taking care of your eyes and your teeth. Vision expenses are typically covered through FSA plans, though, so December may be a good time to get an eye exam. This is an especially good idea if you don't have vision insurance and have to pay out of pocket.
You can generally use your FSA funds on the contacts or eyeglasses you purchase, too, as well as contact accessories such as cleaning solution and cases. Even prescription sunglasses may be covered.
... and your teeth
If it's been a while since your last visit to the dentist, try to squeak one in. Generally, you can use your FSA money to pay for dental services, including the co-pays or out-of-pocket expenses associated with everything from basic cleanings to procedures including filings, root canals, crowns and even gum surgery.
General tooth-health products such as toothbrushes, toothpaste and floss are not usually not eligible to purchase with FSA funds, though.
Pregnancy and family planning costs
You can put your FSA dollars to work if you're a new or soon-to-be mom on products such as pregnancy tests, fertility monitors, prenatal vitamins and breastfeeding supplies.
On the flip side, condoms are FSA-eligible because of their role in STD prevention. Likewise, you can also use your FSA funds on birth control, but keep in mind that you'll need a current prescription.
Filling up your first-aid kit or medicine cabinet
How's your supply of necessities like sunscreen or basic cold and allergy remedies? Now may be a good time to go through your medicine cabinet, toss out anything that's expired and stock up on anything you need more of.
Items like hot/cold packs, braces and first-aid kits are covered. You can typically even spend your FSA dollars on sunscreen has broad spectrum protection and an SPF of over 15. Certain cold and flu medicines are also a good bet.
Or, if you're planning to spend the holidays with relatives and their pets make you sneeze, you can use your FSA funds on allergy meds.
If you're not sure what exactly qualifies, you can check out your providers' information or order directly through vendors like FSAstore.com, which even provides bundles of products that are eligible for FSA spending.
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