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A Flexible Spending Account is a tax-advantaged medical reimbursement account offered by some companies to provide their employees additional tax cost savings. However, in order to get those tax savings, you accept use up the funds in your account by a particular date or surrender the funds. For the majority of accounts, the ‘use it or lose it’ date is December 31. (Some larger companies permit a moratorium into the following fiscal year.)
So you most likely just have a few weeks left to consume the money left in your Flexible Spending Account. Below are some easy ways to do so:
Refill prescriptions. Refill any prescribeds that you can, as opposed to waiting till the brand-new year. Really few medicines have such a brief shelf life that you can’t hold onto them until you need them.
Buy some brand-new glasses and/or contact lenses. If you’ve actually been wanting a brand-new pair of glasses, a pair of prescription sunglasses, or additional pairs of contact lenses, now is a good time to purchase them.
Contact lens solution. Have you ever inspected the expiration date on your contact lens solution? A lot of appear to be helpful for a minimum of a year beyond the purchase date. Why not stock up while you’ve some cash to burn?
Go to physical therapy. If you’ve any irritating conditions that might take advantage of physical treatment, ask your physician for a prescription, and squeeze as numerous sessions as possible into the rest of this year.
Get some acupuncture. Another means to deal with those nagging conditions is through acupuncture, which is reimbursable through your Flexible Spending Account.
Custom orthotics. Lots of people need personalized orthotics for their feet, but numerous likewise stay clear of getting them since they can be quite pricey. However, they can be an excellent method to consume exactly what’s left in your Flexible Spending Account.
Elective however necessary dental work. Cosmetic procedures aren’t reimbursable, however it’s a great time to do any work that your dental expert states you need soon, even if not immediately (such as changing old fillings). He or she could should provide a statement of clinical necessity to validate the work to the administrator of your Flexible Spending Account.
See a therapist. If you’ve actually been reluctant to see a therapist because of the cost, you can utilize the cash left in your Flexible Spending Account to see if it would be a rewarding expense.
Remove lead-based paint. If you’ve lead-based paint in your house, now may be a great time to have it eliminated.
You’ll wish to confirm that these expenditures will be reimbursed by your specific Flexible Spending Account and its administrator. And make your appointments as soon as possible, given that health care providers take time off at the holidays too!