Make Sure to Spend Your FSA Money!
Don’t forget! The standard deadline to spend your flexible spending account (FSA) funds is December 31 (which is closer than you might think). Some employers give some leeway and allow you until March 31, 2011 to spend your FSA, so ask them first if you’re not sure.
If you’ve already purchased enough qualifying items, but still have money in your FSA, you may be able to pull it out and put it into your regular savings account– but double check first! Review your checkbook, credit card statements, and receipts for expenses you have failed to submit. If those are not easily found, call your doctor or pharmacist – they may be able to provide you with a record of what you spent over the past year.
Do you still have funds available in the account? Here are some ways to make sure you utilize your account before the deadline:
- Schedule any procedures you need before the end of the year.
- How about some new glasses or contacts? Just make sure you order and pay for them prior to December 31.
- Consider scheduling appointments for dental work such as a bridge or crown that may require you to pay half or more of the cost.
- Overdue for a physical checkup? Make an appointment now before it’s too late.
- If you take prescription medications, see if you can order the next few months supply in advance.
- Check the expiration dates on over-the-counter (OTC) drugs in your medicine cabinet. Toss the expired ones and consider what you will need over the next two months.
